American businessman Marc Spiegel is seeking financial backers for his planned takeover of Charlton Athletic in what would make him the latest US investor to buy an historic British football club.
(Bloomberg) — American businessman Marc Spiegel is seeking financial backers for his planned takeover of Charlton Athletic in what would make him the latest US investor to buy an historic British football club.
Spiegel is the co-founder of Rubicon Global, a waste disposal company that counts Leonardo DiCaprio and Salesforce.com Chief Executive Officer Marc Benioff as investors. His bidding company — Football Strategies Group — has been in discussions with Charlton since early February, according to an investor document. Charlton is owned by Thomas Sandgaard, a Danish entrepreneur.
Football Strategies Group signed a potential £11.6 million ($14.4 million) deal for Charlton. It is also looking to inject £20 million into the London club, according to the document. It describes loss-making Charlton as an attractive risk-adjusted investment, though doesn’t say what size stake is being offered.
“Our ambitions are more than just purchasing a club,” Spiegel said in a telephone interview. “We want to elevate the club, expose it to new audience and win on the pitch.” A spokesperson for Charlton declined to comment.
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US investment has flooded into lower-league teams, boosted by a strong dollar and an interest in British football amplified by the success of Wrexham, a Welsh club recently promoted from the fifth tier under the aegis of actor-owners Ryan Reynolds and Rob McElhenney.
US-based investors have bet on teams including Ipswich Town, Lincoln City and Crawley Town, while hedge fund manager Tom Wagner is close to buying a stake in Birmingham City Football Club.
Charlton spent close to a decade in the Premier League before being relegated in 2007. Much of the recent years have been spent in the third-tier League One, where it currently sits 11th.
Spiegel’s takeover would need to be ratified by the league’s regulator, the EFL, which has to satisfy itself that any new owner has sufficient funds to keep the club going for two years. Charlton is currently losing about £9 million a year, according to people familiar with the situation.
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