Latest on the takeover

[oldcolner]

I reckon this has about as much chance of happening as Nick Pope going to Chelsea.

Interesting article on how and why US investors are getting involved. I didn’t know they have given loans to Southampton and Sunderland without taking control.

https://www.sunderlandecho.com/sport...urnley-3015144

[1959_60]

I reckon that without the pandemic this would have been sorted by now.

Bad timing all round.

[sinkov]

For starters they have Mr G to persuade, if they get past that hurdle then it might be a runner, I'm not convinced they will.

[oldcolner]

For starters they have Mr G to persuade, if they get past that hurdle then it might be a runner, I'm not convinced they will.

He’s the one who issued the prospectus looking for investors in 2018 so he’s already decided, it’s just down to details like how much, when, what for, who gets Control, etc. and do other shareholders agree.

[sinkov]

He’s the one who issued the prospectus looking for investors in 2018 so he’s already decided, it’s just down to details like how much, when, what for, who gets Control, etc. and do other shareholders agree.

We're looking for investment, we've been looking for investment as far back as I can remember and that's a long, long time. Doesn't mean he'll agree to this bid, and my guess is that he won't. But what do I know ? Feck all actually, just like everyone else.

[The Bedlington Terrier]

"But what do I know ? Feck all actually, just like everyone else."

A perfect summing up of your opinion on just about any topic sinkov ~ especially politics.

[sinkov]

"But what do I know ? Feck all actually, just like everyone else."

A perfect summing up of your opinion on just about any topic sinkov ~ especially politics.

Not 100% true BT, I do know how to wind up Lefties, I know everything there is to know about that, my specialist subject I would say. Perhaps I'm good at it because it's so easy ?

[The Bedlington Terrier]

Not 100% true BT, I do know how to wind up Lefties, I know everything there is to know about that, my specialist subject I would say. Perhaps I'm good at it because it's so easy ?

Please fill in the missing blanks, smarty pants... F--- O--!

[sinkov]

Please fill in the missing blanks, smarty pants... F--- O--!

[alfinyalcabo]

Phookin hell God help us....!!!

Looking forward to hearing your thoughts on this lads.


"The proposed American takeover of Burnley is now in doubt after a rival bid led by Cheshire-based sports lawyer Chris Farnell and Egyptian entrepreneur Mohamed Elkashashy cleared a significant regulatory hurdle, The Athletic has learned.

ALK Capital has been the frontrunner to buy the Premier League side for several months but talks between the American sports investment firm and Burnley’s main shareholders Mike Garlick and John Banaszkiewicz have stalled.

It is understood that Garlick, who owns 49.24 per cent of the shares, has also been talking to Farnell and Elkashashy for almost a year but their identities have not been publicly linked with the club until now. This is partly because ALK Capital, which is run by Alan Pace, the former president of Major Soccer League franchise Real Salt Lake, was further advanced in negotiations but also because Farnell has been embroiled in the chaotic takeover saga at Charlton Athletic.

The rights and wrongs of that episode are still to be fully resolved but the 50-year-old lawyer has been successful in overturning a ban from becoming a director of an English football club. That disqualification, which would have hindered his ability to practise sports law, resulted from a failure to pass the English Football League’s Owners’ and Directors’ Test (ODT) in August, a decision that blocked his client Paul Elliott, a Manchester-based businessman who also failed the test, from buying Charlton.

Farnell, however, always maintained his ODT fail was because of an innocent mistake on his part — he failed to tick a box that he had briefly been a director of the takeover vehicle trying to buy Charlton — and he would appeal against his ban. That appeal was heard by an independent tribunal this week and it agreed with Farnell that there had been no attempt to intentionally mislead the EFL, and his disqualification period was backdated to end on September 14.

The Athletic understands he and Elkashashy, who was also linked with Charlton this summer, now intend to proceed with their £200 million bid for Burnley.

ALK Capital has declined to comment on the existence of a second bid for the club but it is understood it remains confident it can close the deal with Garlick, Banaskiewicz and the other local businessmen who own Burnley’s shares.

However, several sources have told The Athletic that Pace, who previously tried to buy Sheffield United, is struggling to raise the money to complete the deal, although ALK Capital has denied this.

A former managing director at Lehman Brothers, Pace ran Real Salt Lake between 2006 and 2008 when he returned to the banking world, spending more than a decade with leading bank Citi.

In October 2019, he set up ALK Capital in London with the intention of buying what its website describes as “modern sports, media and entertainment assets, and related technologies”. As well as Sheffield United and Burnley, it is understood the firm has looked at Swiss side FC Lugano, while it has managed to purchase AiScout and Player LENS, two digital player recruitment platforms.

A month after ALK Capital was launched, Elkashashy and Farnell set up Staunch Partners Limited, a private investment company that shares an Altrincham address with Farnell’s law firm, IPS Law. It is believed this is the proposed takeover vehicle for Burnley.

Elkashashy’s main business appears to be Think Food LLC, which operates food franchises in the UAE, but he has previously worked for Coca-Cola in Egypt and Procter & Gamble in the UAE. According to his LinkedIn page, he is a “strategic private equity director”.

Farnell, on the other hand, has a long track record in British sport, having represented boxer Tyson Fury, former Everton and Wigan boss Roberto Martinez and Cristiano Ronaldo during the Portuguese star’s stint with Manchester United. He was also briefly a director at Wigan Athletic in 2013, acted for former Leeds United owner Massimo Cellino and was brought in by Bury’s management to try to save the club shortly before they crashed out of the EFL last year.

In relation to his ODT issue, an EFL spokesperson confirmed the disqualification is now lifted.

“An independent league arbitration panel has considered the review application and concluded that, given the circumstances, a five-week period of disqualification was appropriate,” the spokesperson explains.

“Accordingly, Mr Farnell’s period of disqualification is deemed to have been lifted on September 14, 2020, and he is no longer subject to a disqualifying condition under EFL regulations.”

Burnley, in the meantime, are 18th in the Premier League, having picked up just one point from their first five games. They also endured a difficult summer transfer window which saw them add only 31-year-old midfielder Dale Stephens and back-up goalkeeper Will Norris to an ageing first team.

The club, however, are widely considered to be well run, having recorded profits for three straight seasons, and finished in 10th place last season. Burnley have also recently opened a new training complex and secured category-one status for their academy, although Garlick has warned that Burnley, like every other football club, are losing significant sums this year because of COVID-19.

Furthermore, relations between Garlick, the club’s chairman, and manager Sean Dyche have been strained for months, as the pair have disagreed over investment priorities and the type of player Dyche wants to bring to the club. Sources have told The Athletic any hope of resolving their dispute is being hampered by the protracted nature of the takeover, with both men keenly aware of their importance to Burnley, both now and in the future, as Garlick is understood to be keen to stay on as chairman under new ownership"