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Danish-American businessman Thomas Sandgaard completes Charlton takeover

Charlton Athletic v Doncaster Rovers – Sky Bet League One – The Valley
(Image credit: Steven Paston)

Danish-American businessman Thomas Sandgaard has announced he is the new owner of Charlton after acquiring 100 per cent of the Sky Bet League One club from East Street Investments (ESI).

An injunction taken out by Paul Elliott to block the sale of ESI has been granted and a court case is set to take place later this year to determine the Manchester-based businessman’s claim on the Addicks.

However, Sandgaard, who has passed the English Football League’s owners’ and directors’ test, alleges the order does not impinge on the purchase of the club.

Elliott took control of ESI from Tahnoon Nimer in June, but the EFL did not approve the applications of three directors.

The EFL said in a statement on its website: “The EFL notes the announcement made by Charlton Athletic in respect of a change (of) control having taken place at the club.

“The matter of the sale of Charlton Athletic (or any club) is a matter for the interested parties, with the EFL’s role in this process to solely consider the applications made to it under EFL regulations.

“The League is not party to the ongoing court proceedings taking place and therefore it remains a matter for the respective parties to resolve and as a result we are not in a position to comment.”

Sandgaard, who was in attendance as Charlton lost to Doncaster in their first home game of the season last weekend, says he has already handed over funding to guarantee the club’s survival.

He said on the club’s official website: “While there was an injunction in place to prevent the acquisition of ESI, it did not prevent the acquisition of the club itself and so I am thrilled to announce that I have acquired the club from ESI.

“With the club about to run out of funds this month, it was important that I moved quickly to complete the acquisition and put funds in to the club to ensure its survival.

“The club will also be working quickly post-completion to recover any losses suffered as a result of the actions of the previous owners to the extent possible.”