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Charlton Athletic FC takeover goes through

14:30 31 December 2010

Charlton

Charlton

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CHARLTON Athletic officially have new owners after their takeover by CAFC Holdings Limited (CAFCH) was completed today.

Baton 2010 Limited, the parent company which owns Charlton Athletic Football Company Limited and Charlton Athletic Holdings Limited, announced the sale to the company, managed and controlled in Switzerland. The consideration is not being disclosed.

CAFCH is owned and controlled by Tony Jimenez, an international property developer, and Michael Slater, a lawyer and businessman.

Slater becomes a director and chairman of Baton, Charlton Athletic Football Company Limited (CAFC) and Charlton Athletic Holdings Limited (CAHL) immediately in place of Richard Murray, who will remain a director of all three companies. The other directors of Baton, CAFC and CAHL will be Peter Varney, Stephen Kavanagh and Jimenez.

Varney – a former Charlton chief executive who represented the new owners during the transaction - becomes executive vice-chairman with responsibility for corporate strategy and planning. Former managing director Kavanagh becomes chief executive and will continue to be responsible for the day-to-day operations of the football club. Varney and Kavanagh will report directly to Slater.

“By acquiring Baton, we are delighted to have taken control of Charlton,” said new chairman Slater. “The club has a long and proud history and has an incredibly loyal fanbase.

“I’d like to pay tribute to Richard Murray, who took on a huge financial responsibility last summer when he saved the club from almost certain administration while he sought new investment. I’m delighted that we’ll continue to benefit from Richard’s unique insight and relationship with the club and the supporters.

“As the new owners, we are both football fans and businessmen. Today’s acquisition brings much-needed financial stability to the club. Our plan for Charlton is to run the club on a sensible financial footing and develop a commercial plan to ensure we make progress on and off the pitch to meet the expectations of our fans.

“What we won’t do is create unrealistic pie in the sky expectations. We will always live within our means and, with a sound commercial approach and the run of the ball on the pitch, our aim, obviously, is to make steady, upward progress and bring success to The Valley.”

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