Global Football Partners take over SE7 Partners

Following signature of the SPA yesterday that sees SE7 Partners taking over from Thomas Sandgaard as Charlton owners (assuming Roland Duchatelet doesn't stick a lease-spoke in their wheel), today saw subtle organisational preparations.

As has been predicted, Charlie Methven and Ed Warrick have been joined as owners of SE7 Partners by Global Football Partners (GFP) the secondary group Methven set-up to facilitate the takeover by including other backers. GFP have taken a 75% controlling interest in SE7 Partners and Methven and Warrick's roles have changed from "persons with significant control" to mere "officers." I don't expect this to be the last changes to SE7 Partners either.

Rumours abound over the make-up of Global Football Partners. What's fairly clear is that Methven is likely to have a small stake (c 5%) and that Friedman and Brenner will own c 23% each in what is believed to be the largest single share ownership. That would tell you that the remaining 49% should be split across at least three other separate entities.

The other significant change here is that GFP are registered in the Cayman Islands, a tiny British Overseas Territory in the Caribbean renowned for tax avoidance and suspected money laundering. Indeed, there are more companies registered there than people and those businesses are not subject to the transparency of UK-registered businesses.

We have been told already, by Chairman-elect, Jim Rodwell, that the rationale for this is purely 'fiscal responsibility' and that there will be no secrets surrounding ownership or reporting, but if they don't need to tell you, they don't have to tell you, so we will have to see how that plays out.

In some ways it is encouraging to see so many investors, even if their personal investment is diluted/limited. Decision-making will need to be streamlined and you can't see relatively small financial backers seriously interfering in any footballing decisions, certainly not on a business-as-usual basis. However, larger decisions, such as subsequent investment might not be as easy.

With supporter interest on a high and expectations building, we will need to be patient this month as the takeover completes the final EFL hurdles. However, the first clues as to the real ambition should come soon after the window opens on 14th June, given that current CEO Peter Storrie continues to reassure us that a squad building budget has already been agreed between Sandgaard and the incomers.