Clive Holt.
ALK Capital or Farnell/Elkashashy takeover
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Re: ALK Capital...
I’m torn emotionally... I’m thinking that this could be one of the final nails in the coffin of me following football. I was so proud that we essentially swam against the tide of the premier league sugar daddy ethos.
Yet.... if it works out and we become a Leicester rather than a charlton then I am sure that I will end up mugging myself off and join the party...
Yet.... if it works out and we become a Leicester rather than a charlton then I am sure that I will end up mugging myself off and join the party...
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Re: ALK Capital...
Is this the first time these fellas have taken control of a stable club? All the other clubs this Farnell fella got involved in is when they were there already been run poorly... apart from Swansea
Trying to find some silver lining
Trying to find some silver lining
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Re: ALK Capital...
Burnley in takeover talks after suitor Chris Farnell’s EFL ownership ban is lifted
Jonathan Northcroft, Wednesday October 28 2020, 5.00pm, The Times
A bid has been mounted to buy Burnley, led by Mohamed Sayed Zein Elkashashy, an Egyptian food and leisure magnate, and Chris Farnell, a Cheshire sports lawyer who today had a ban from being owner of a football club lifted by the EFL.
Elkashashy and Farnell are the main players in a group of investors that would pay in the region of £200 million for the Lancashire club, who are presently 18th in the Premier League.
A source close to the pair claims they are closing in on a deal, having provided proof of funding and concluded a sale-and-purchase agreement with Mike Garlick, Burnley’s chairman and main stakeholder, who owns 49.24 per cent of the club’s shares, after negotiations that have been underway for almost 12 months.
Garlick and Burnley’s other leading share owner, John Banaszkiewicz, who has a 28.2 per cent stake, have also been in talks over selling the club with ALK Capital LLC, an American investment group, but those discussions have stalled.
A takeover will have ramifications for Burnley’s manager, Sean Dyche. Relations have long been strained between Garlick and Dyche over their different views on how to grow the club but it is understood Elkashashy and Farnell are keen to back Dyche and plan to provide him with funds to strengthen his squad.
Elkashashy, 42, was born in Egypt and is described as having worked as an executive for Coca-Cola and Protcor & Gamble before becoming a restaurant entrepreneur in Dubai, through his company Think Food LLC.
Farnell, 50, is senior partner in IPS Law, a legal firm based in Hale which has advised Roberto Martínez, the Belgium manager, and players such as Cristiano Ronaldo and David Silva. Farnell was also lead lawyer for Swansea when they were taken over by Steve Kaplan and Jason Levien in 2016.
Last November, Elkashashy and Farnell set up a private investment company, Staunch Partners Limited, which shares an address with IPS Law and is thought to be the proposed takeover vehicle for Burnley.
Farnell was cleared to pursue his bid for Burnley by an independent arbitration panel today, which ruled that an EFL ban on him owning a football club should be limited to five weeks, backdated to September 14.
The disqualifying condition on Farnell was imposed when he was involved in a chaotic takeover saga at Charlton. Farnell was involved in an attempt by Paul Elliott, a Manchester-based businessmen, to buy Charlton from Tahnoon Nimer — who briefly owned the club before selling it to Thomas Sandgaard, a Danish-American entrepreneur.
Elliott and Farnell were unable to pass the EFL’s Owners and Directors test in August. Farnell maintained he failed because of an innocent error — he neglected to tick a box confirming he was briefly director of the company trying to buy Charlton. The independent tribunal today agreed with Farnell that he had not deliberately sought to mislead the EFL.
Farnell’s previous involvement in running a club came at Wigan Athletic, where he was briefly a director in 2013. He also advised the former Leeds United owner Massimo Cellino and was hired by Bury’s management in an unsuccessful bid to keep the defunct club alive before its expulsion from the EFL last August.
The attraction of Burnley for Elkashashy and Farnell is the club’s stability, its recent history of being run on a sound financial footing and the leadership provided by Dyche, who has achieved Europa League football and given Burnley five consecutive seasons in England’s top flight.
Despite finishing tenth last season, Dyche was keen to revamp his squad in the transfer window but was able to buy only one player: Dale Stephens, for £1 million. He will hope that any new owners provide him funds to re-enforce his playing options and Burnley’s struggles this season — Monday’s home defeat by Tottenham left them with one point from their first five games — suggest his desire to strengthen was well-founded.
Burnley declined to comment. However, it is understood that both the Elkashashy/Farnell bid and ALK Capital’s proposal are being given consideration.
Jonathan Northcroft, Wednesday October 28 2020, 5.00pm, The Times
A bid has been mounted to buy Burnley, led by Mohamed Sayed Zein Elkashashy, an Egyptian food and leisure magnate, and Chris Farnell, a Cheshire sports lawyer who today had a ban from being owner of a football club lifted by the EFL.
Elkashashy and Farnell are the main players in a group of investors that would pay in the region of £200 million for the Lancashire club, who are presently 18th in the Premier League.
A source close to the pair claims they are closing in on a deal, having provided proof of funding and concluded a sale-and-purchase agreement with Mike Garlick, Burnley’s chairman and main stakeholder, who owns 49.24 per cent of the club’s shares, after negotiations that have been underway for almost 12 months.
Garlick and Burnley’s other leading share owner, John Banaszkiewicz, who has a 28.2 per cent stake, have also been in talks over selling the club with ALK Capital LLC, an American investment group, but those discussions have stalled.
A takeover will have ramifications for Burnley’s manager, Sean Dyche. Relations have long been strained between Garlick and Dyche over their different views on how to grow the club but it is understood Elkashashy and Farnell are keen to back Dyche and plan to provide him with funds to strengthen his squad.
Elkashashy, 42, was born in Egypt and is described as having worked as an executive for Coca-Cola and Protcor & Gamble before becoming a restaurant entrepreneur in Dubai, through his company Think Food LLC.
Farnell, 50, is senior partner in IPS Law, a legal firm based in Hale which has advised Roberto Martínez, the Belgium manager, and players such as Cristiano Ronaldo and David Silva. Farnell was also lead lawyer for Swansea when they were taken over by Steve Kaplan and Jason Levien in 2016.
Last November, Elkashashy and Farnell set up a private investment company, Staunch Partners Limited, which shares an address with IPS Law and is thought to be the proposed takeover vehicle for Burnley.
Farnell was cleared to pursue his bid for Burnley by an independent arbitration panel today, which ruled that an EFL ban on him owning a football club should be limited to five weeks, backdated to September 14.
The disqualifying condition on Farnell was imposed when he was involved in a chaotic takeover saga at Charlton. Farnell was involved in an attempt by Paul Elliott, a Manchester-based businessmen, to buy Charlton from Tahnoon Nimer — who briefly owned the club before selling it to Thomas Sandgaard, a Danish-American entrepreneur.
Elliott and Farnell were unable to pass the EFL’s Owners and Directors test in August. Farnell maintained he failed because of an innocent error — he neglected to tick a box confirming he was briefly director of the company trying to buy Charlton. The independent tribunal today agreed with Farnell that he had not deliberately sought to mislead the EFL.
Farnell’s previous involvement in running a club came at Wigan Athletic, where he was briefly a director in 2013. He also advised the former Leeds United owner Massimo Cellino and was hired by Bury’s management in an unsuccessful bid to keep the defunct club alive before its expulsion from the EFL last August.
The attraction of Burnley for Elkashashy and Farnell is the club’s stability, its recent history of being run on a sound financial footing and the leadership provided by Dyche, who has achieved Europa League football and given Burnley five consecutive seasons in England’s top flight.
Despite finishing tenth last season, Dyche was keen to revamp his squad in the transfer window but was able to buy only one player: Dale Stephens, for £1 million. He will hope that any new owners provide him funds to re-enforce his playing options and Burnley’s struggles this season — Monday’s home defeat by Tottenham left them with one point from their first five games — suggest his desire to strengthen was well-founded.
Burnley declined to comment. However, it is understood that both the Elkashashy/Farnell bid and ALK Capital’s proposal are being given consideration.
Re: ALK Capital...
Isn't this obvious? I was about to post this. He is a lawyer. People who want to buy football clubs will want to use lawyers with experience in the field. It doesn't mean he will be involved in the running of the club.
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Re: ALK Capital...
Trying to think of something positive to say about this, but I'm really struggling. Everything about it just feels wrong and bad for the club. Really hope it works out, but I don't feel great about it.
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Re: ALK Capital...
You would hope our very cautious owners have carried out very detailed DD..... your thoughts on ALK, priced out of it ?Danieljwaterhouse wrote: ↑Wed Oct 28, 2020 8:42 pmNope, I think there has been enough due diligence done to ensure it’s a good deal.
The premier league is stringent, as are the other owners in the league about prospective owners. They’ve certainly learnt their lessons from past incidents.
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Re: ALK Capital...
Clubs knackered, once we are owned by charlatans we end up a none league club.
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Re: ALK Capital...
My Bury supporting mate just messaged me:
"CF is dangerous. Mark my words."
I'm nervous as hell about this...
"CF is dangerous. Mark my words."
I'm nervous as hell about this...
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Re: ALK Capital...
Burnley has always something I have been proud of, our history, our owners our players, our ground our supporters.......HitchinClaret wrote: ↑Wed Oct 28, 2020 8:46 pmI’m torn emotionally... I’m thinking that this could be one of the final nails in the coffin of me following football. I was so proud that we essentially swam against the tide of the premier league sugar daddy ethos.
Yet.... if it works out and we become a Leicester rather than a charlton then I am sure that I will end up mugging myself off and join the party...
but if its not the new owners I'm worried about, are the current board the ones that are letting us down here
Last edited by Wokingclaret on Wed Oct 28, 2020 8:57 pm, edited 1 time in total.
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Re: ALK Capital...
Chris Farnell, senior partner of IPS Law. Link: https://ipslaw.co.uk/
SENIOR PARTNER
Chris Farnell advises leading Premier League and Football League Clubs, leading sporting and media agents and a number of high profile sporting individuals on a wide variety of matters.
Chris’ practice areas include: Sports, Media & Entertainment. He specialises in image rights, third party ownership issues, player transfers, intellectual property contracts, contract re-negotiations, sponsorship and endorsement contracts, defamation, sports dispute resolution, footballer and agent disputes, doping hearings, regulatory issues, and both contentious and non-contentious intellectual property law.
Chris has advised on a leading number of high-profile cases in the area of sports law, some of which are listed: –
Chris represented Roberto Martinez in his dispute with Everton FC gaining a record pay-out for his Client and also advising on Roberto Martinez appointment to the Belgian FA
Swansea City Football Club
Chris was the lead lawyer on the sale of the football club to the new owners;
Tyson Fury
Represented the former World Heavyweight Champion;
Cristiano Ronaldo
Chris acted on behalf of Cristiano Ronaldo during his time in the UK on various significant commercial matters.
SENIOR PARTNER
Chris Farnell advises leading Premier League and Football League Clubs, leading sporting and media agents and a number of high profile sporting individuals on a wide variety of matters.
Chris’ practice areas include: Sports, Media & Entertainment. He specialises in image rights, third party ownership issues, player transfers, intellectual property contracts, contract re-negotiations, sponsorship and endorsement contracts, defamation, sports dispute resolution, footballer and agent disputes, doping hearings, regulatory issues, and both contentious and non-contentious intellectual property law.
Chris has advised on a leading number of high-profile cases in the area of sports law, some of which are listed: –
Chris represented Roberto Martinez in his dispute with Everton FC gaining a record pay-out for his Client and also advising on Roberto Martinez appointment to the Belgian FA
Swansea City Football Club
Chris was the lead lawyer on the sale of the football club to the new owners;
Tyson Fury
Represented the former World Heavyweight Champion;
Cristiano Ronaldo
Chris acted on behalf of Cristiano Ronaldo during his time in the UK on various significant commercial matters.
Re: ALK Capital...
At times like this we are lucky to have you and the supporters trust CT. I appeciate the measured response. Let's get all the facts before throwing toys out of the pram.ClaretTony wrote: ↑Wed Oct 28, 2020 8:37 pmNo mobilising from me, just investigating what on the surface looks concerning. Supporters organisations would be failing in their duty if they didn’t investigate.
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Re: ALK Capital...
Why would someone spend £200mill to turn us into a non-league club?Lowbankclaret wrote: ↑Wed Oct 28, 2020 8:55 pmClubs knackered, once we are owned by charlatans we end up a none league club.
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Re: ALK Capital...
You never know how these takeovers might work unless you go for it but I'm pretty sceptical to say the least about this one.
I don't really know anything about the ALK lot either but the difference was that their approach seemed a bit more fresh; a better fit with what we're about. Not sure what I'm basing that on but Farnell seems a chancer who has tried it on and left a trail of destruction at other clubs.
I've always been open to a takeover as long as it's the right fit. Can't say this sounds like it. Not a lot we can do about it though.
I don't really know anything about the ALK lot either but the difference was that their approach seemed a bit more fresh; a better fit with what we're about. Not sure what I'm basing that on but Farnell seems a chancer who has tried it on and left a trail of destruction at other clubs.
I've always been open to a takeover as long as it's the right fit. Can't say this sounds like it. Not a lot we can do about it though.
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Re: ALK Capital...
Hi Steddyman, that seems to me the logical conclusion from the details in the public domain about CF - both from his legal firm's website (see above) and his other involvement in clubs that have been in difficulties/sale processes etc.
Of course, this time, it may be different. Maybe CF has been a "life long" Burnley fan. He lives in Hale - but, he's not disclosed his support for the Clarets before now, so that he could remain free to advise Ronaldo, Swansea and all the others.
UTC
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Re: ALK Capital...
The land that Turf Moor is on must be worth at least £5,000
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Re: ALK Capital...
Presume!
Re: ALK Capital...
I know things don't look good and there are serious questions to be raised, but how the hell do you get through life with such a negative outlook on absolutely everything? I've never known someone to look for and revel in the worst possible outcome in every situation.Lowbankclaret wrote: ↑Wed Oct 28, 2020 8:55 pmClubs knackered, once we are owned by charlatans we end up a none league club.
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Re: ALK Capital...
Clarets Trust getting Turf Moor listed as an Asset of Community Value (ACV) could prove to be a very shrewd move here, if it is not to go the way of Gigg Lane in a worst case scenario situation...although I believe GL had/has one too.
I hope we are worrying about nothing.
Time for all supporters' organisations to pull together!
I hope we are worrying about nothing.
Time for all supporters' organisations to pull together!
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Re: ALK Capital...
When non Clarets own our beloved club part of it will die, part of my passion will die , I support Burnley not a group.
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Re: ALK Capital...
not much we can do as supporters, generations of fans have been turning up at the club for over a century, why should there be such a panic now when the club are at the highest level ?
In all that time we have to like or lump whoever held the purse strings.
In all that time we have to like or lump whoever held the purse strings.
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Re: ALK Capital...
Just want to say that my club was well run before the Yanks took over. All shareholders were local businessmen with a 20% Supporters Trust stake.arise_sir_charge wrote: ↑Wed Oct 28, 2020 8:33 pmLot of hissy fittery based on very little here.
Talk of fans mobilising etc, let’s just see some detail first.
With the greatest of respect to some of the other clubs mentioned regarding Farnell they were basket case outfits long before he appeared.
Charlton have stumbled from one shambles to another. Their antics the last time we played them were long before any of these people had come anywhere near.
I’ll wait and see first before I start talk of AFC Burnley etc.
Re: ALK Capital...
Someone talk to me about leveraged buyouts.
If they can acquire us that way, and do acquire us that way, then I’m pretty confident we’re in dire trouble.
If they can acquire us that way, and do acquire us that way, then I’m pretty confident we’re in dire trouble.
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Re: ALK Capital...
It only needs 200 of us to put up.... "£1 million each to match them....
or 2,000 chipping in £100k each,
or 20,000 putting up £10,000 each.
Could we manage 200,000 paying £1,000.....???
No criticism from me on Mike G and John B selling for the best price they can get. If they've tested and reached the limits of their own appetite to put their money into the club then they are doing the best for the club to pass on ownership to someone who does want to put money in. I'm sure the consensus is amongst fans, Sean Dyche, sport journos and pundits is that the club needs more investment.
UTC
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Re: ALK Capital...
DJW i know your egos has been dented by a few on here but now is the time if no in private conversation between you and CT or publicly so to back up your take on this, either way for the love of our common goal in our club, lets not lose ego and Semitism at a time when obviously time is not to spare. Lets point fingers later but join for the good.Danieljwaterhouse wrote: ↑Wed Oct 28, 2020 8:33 pmFew people who are now showing their true colours, now there's more in the media. This party came to jump ALK, hence why it came out in the media at that particular time. They’ve been championed by one particular board room member.
If you think that anything we do as fans will derail this deal, you’re living in a dream land....
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Re: ALK Capital...
£100 million to spend in January?
Bring it on.
Welcome to Burnley.
Bring it on.
Welcome to Burnley.
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Re: ALK Capital...
..
Last edited by Charlton Boy on Wed Oct 28, 2020 11:24 pm, edited 1 time in total.
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Re: ALK Capital...
ClaretAL wrote: ↑Wed Oct 28, 2020 9:10 pmDJW i know your egos has been dented by a few on here but now is the time if no in private conversation between you and CT or publicly so to back up your take on this, either way for the love of our common goal in our club, lets not lose ego and Semitism at a time when obviously time is not to spare. Lets point fingers later but join for the good.
This ^^^^
Time for as much info as possible to be shared with whoever can help - privately if needs be. Any links to the people involved , stories, facts etc - I’m another who is nervous about this given the Farnell link and the stuff I’ve read about him previously .
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Re: ALK Capital...
Hi CB, you don't think CF is just the legal guy that people go to when they are in a mess and need something sorting? I don't think he was at Charlton when the Belgium guy was involved, was he?Charlton Boy wrote: ↑Wed Oct 28, 2020 9:11 pmThose of you still thinking and hoping this could turn out ok.
Chris Farnell was the man at bury when they went under.
The same man who failed the fit and proper persons test just months ago at Charlton. Next to no one ever fails that test.
Chaps please listen to Swansea, bury, Charlton, Salisbury fans. This will not end well.
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Re: ALK Capital...
Just read on " BRFCS " that Farnell also represented Shebby Singh, former " Global advisor " t'Roverss ... one of India's finest comedians ..
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Re: ALK Capital...
The beginning of the end for me. Farnell should not be let anywhere near an English Club. The Americans sound like "Asset Strippers".
I'm out
I'm out
Re: ALK Capital...
*Potential owners watch*
-Ellkashashy and Farnell seen out side Turf having a fag, apparently they Toot in Common
-Gordon Ramses in talks to do Match day catering.
-Pharaoh -Rocher to replace Twix as halftime treat.
- Burnley fans in de Nile and hoping for better owners.
-Ellkashashy and Farnell seen out side Turf having a fag, apparently they Toot in Common
-Gordon Ramses in talks to do Match day catering.
-Pharaoh -Rocher to replace Twix as halftime treat.
- Burnley fans in de Nile and hoping for better owners.
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Re: ALK Capital...
.
Last edited by Charlton Boy on Wed Oct 28, 2020 9:43 pm, edited 1 time in total.
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Re: ALK Capital...
Well if you walked a. Mile in my shoes you would know.ksrclaret wrote: ↑Wed Oct 28, 2020 9:03 pmI know things don't look good and there are serious questions to be raised, but how the hell do you get through life with such a negative outlook on absolutely everything? I've never known someone to look for and revel in the worst possible outcome in every situation.
My best mate, says about me “if it was not for bad luck you would have no luck at all’
Re: ALK Capital...
Will say it again, the structure of the deal is absolutely critical here.
We’re zero debt now, no interest payments owed to anyone. This can change overnight. If Garlick and co. approve this then the zero debt HAS to remain in place.
We’re zero debt now, no interest payments owed to anyone. This can change overnight. If Garlick and co. approve this then the zero debt HAS to remain in place.
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Re: ALK Capital...
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Re: ALK Capital...
oh well
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Re: ALK Capital...
Is the mass hysteria about this just due to our lack of experience in wealthy owners?
I mean you go down the premier league and it is just a list of dodgy individuals.
Can’t see anything any worse with Farnell and the Egyptian than say an oligarch or Thai company.
Maybe this is jus the next step in our progression and Garlick would still be at the helm regardless
I mean you go down the premier league and it is just a list of dodgy individuals.
Can’t see anything any worse with Farnell and the Egyptian than say an oligarch or Thai company.
Maybe this is jus the next step in our progression and Garlick would still be at the helm regardless
Re: ALK Capital...
Also hilarious is the fact that the EFL never thought to buy the domain name "theefl.co.uk", and so football fans can just go right ahead and create a site resembling the EFL's. Useless chancers everywhere you look within English football.
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Re: ALK Capital...
I’ll reserve judgement until anything official is announced.
No point worrying about something over which my two shares have zero control.
No point worrying about something over which my two shares have zero control.
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Re: ALK Capital...
Because they are Burnley fans who wanted to invest in the club.
If people really think that they are good enough businessmen to have planned taking over a loss-making championship club, getting it promoted to the premier league and selling it for £200m then they must realise there are dozens of other football clubs who'd pay millions for those services.