You
hope for a number of things in any meaningful cup draw, especially as they’ve
been thin on the ground for us in recent years. A good test against top-flight
opposition (Fulham away was fun, despite the result), something decidedly
money-spinning, or a pairing that offers a good chance of progressing and
getting the dosh and/or glory further down the line. To be pulled out of the
hat to travel to Huddersfield, a team we lost to tamely at home in the FA Cup
third round last season and who have already this season put us out of the Capital
One Cup (and who beat us on their patch in the league) clearly doesn’t press
any of these buttons, even if we do eventually progress by beating Oxford (who
of course we also played against in the Capital Cup this season), whenever the
match takes place.
The
only good thing that can be said about the draw is that if we get past Oxford
and/or Bournemouth progress against Burton Albion, the scheduled game at home
against Bournemouth will have to be rescheduled. That might offer the
opportunity for a decent stretch of time between games at The Valley; if we do
play Oxford during the week ahead and the home game against Barnsley goes
ahead, the next match at home (barring of course a cup replay) would seem to be
Birmingham on 8 February. It was pleasing to see the club release a fuller
statement on the nature of the drainage problems and clearly even a few weeks
with no matches played on the surface can’t cure the underlying problems. But
it might allow some short-term planning without interruptions regarding what
can be done.
Absent
that, for the foreseeable future we live with the surface and I’d suggest
trying to make it a positive. We know what the conditions are like, teams
coming down will be aware of them but won’t be used to them. I’m not suggesting
that necessarily we go out-and-out long ball, but surely, with the pitch the
same for both teams, we can give some thought to how we turn this to possible
advantage rather than just concluding that at best a difficult pitch will
hamper our fight to move away from the relegation zone.
Of
course, if the Oxford game is further put back, we may have to wait in the
event that Roland Duchatelet has any desire to make a formal introduction to
the fans, to give some outline of his plans and expectations. If the Barnsley
game also falls foul of the weather/pitch, he could end up with a few unused
Eurostar tickets and, as above, it could be well into February before he might
be introduced to us. If that’s the case, it would be good to get some prior
indications. The clearest of these remains extending Sir Chris’ contract (he,
being the guy he is, might say the players’ deals come first, but the stability
and reassurance we are looking for rests on no change of manager).
As
others have commented, at the least ahead of a clarification of plans and the
motivation for buying us Duchatelet is entitled to a warm welcome, something
more than just giving him the benefit of the doubt. The stage had been reached
whereby a change of ownership was if not necessary then clearly desirable,
given the previous owners’ reluctance/inability to provide the financing
necessary to ensure we progress (which obviously in the first instance means no
relegation). As yet we know very little about the guy and why he has been
buying up football clubs across Europe, but the decision to retain Richard
Murray, as non-exec chairman, is welcome (whether some role was the quid pro
quo for him not retaining a stake in the club, as he was reported to have
wanted, will have to remain idle speculation). He will be judged on his
actions, beginning with Sir Chris.
If
there’s another positive for me from reading between the lines, it’s that
Duchatelet’s creation of a mini-network of European clubs would suggest that
the purchase of Charlton isn’t indicative of someone intent on a single project
(ranging from asset stripping/property development all the way down to having a
plaything). It’s reasonable to assume that he won’t be able to devote all his
time and energy on us, suggesting the appointment of someone to do the
day-to-day stuff. We want him to fall in love with us (who could fail to?),
obviously we want some of his money, and we want him to leave footballing
matters to those who truly know the game.
As
for the Jiminez/Slater legacy positive or negative issue, it’s always going to
be a mixed record. The initial investments, the appointment of Sir Chris (and
that of Paul Hart), and the simple basic comparison of where we were when they
bought us and where we are now do lend support to Slater’s claim that “in every
important respect we leave the club in a far better state than when we took
over three years ago”. They didn’t asset-strip, they didn’t move us away from
The Valley, and they had a plan based on progression and development, one that
they proved unable to see through. We were never a plaything for them. Nobody
can know what might have happened if they hadn’t come along, even if it’s
reasonable to assume that another buyer for the club would have been found
sooner or later.
Against
this, the ridiculous lack of communication (which started with the secrecy which
surrounded who was actually involved in the takeover) and important statements
which depending on interpretation were either misleading or economical with the
truth, plus the treatment of certain figures at the club, weigh against them.
In his Huff Post, Jiminez states that when they took over “the club was also
just days away from slipping into administration”. Set this alongside Slater’s
comment in the programme for the match against Swindon at the start of 2011,
when paying tribute to Murray, that “he saved the club from almost certain
administration (the previous summer) while he sought new investment”. So, just
how long did we spend just ‘days away’ from administration and why would
Murray, having done the necessary to avoid administration in the summer, would
have been days away from a similar fate just a few months later? All of which
brings me back to the still unanswered question (for me at least) of just who
was going to put us into administration?
Early
this season Slater’s rejection of the Voice of the Valley claims about a sale
document having been put together and circulated sounded hollow at the time.
Perhaps those denials are behind Jiminez commenting in his post that “our
position at the club has been the subject of huge speculation over the last few
months” (ie subsequent to the denials that the owners were looking to sell up).
And his claim at a recent supporters’ meeting (going on reports, I wasn’t
there) that the five-year development plan was still on track now appears
simply laughable. Slater was always personable and entertaining, but we knew he
wasn’t calling the shots when it came to finances. In that Swindon programme
statement he said that “we will always live within our means”. A laudable
ambition, but did they think that promotion to the Championship would enable an
end to losses? If the owners’ ability/willingness to continue to fund our
losses had come to an end, what was wrong with saying so?
With
honesty, openness and fair treatment of those who may have criticised their
actions the legacy would have been very clearly positive. It’s not often we say
something positive about Palace, but the way that their chairman went on radio
after the departure of Holloway and spoke well, openly and honestly, about the
situation that had developed and the outcome stood in stark contrast to the way
things were running for us. I hope that changes with the new owner. We may be
de facto stakeholders in the club by virtue of the role that fans play at any
club, but we’re also happy suckers in that all we really want is for Charlton
to thrive.
The
criticisms of the former owners in turn cast some doubt over any other
statements, such as Slater’s that in Duchatelet “we believe we have found an
investor with extensive knowledge of football”; indeed, talkSPORT’s ‘man in
Belgium’, Rudy Nuyens has commented that “everybody that has worked with him
says he might be a big man in business but he doesn’t know anything about
football”.
I
don’t really care if Monsieur Duchatelet does or does not know anything about
football, as long as it isn’t the case that he doesn’t know anything but thinks
he does. Put in place/retain the right people and let them get on with it and
we will embrace you, just as given our situation at the time we welcomed the
former owners,
interesting article, think we are doomed to always meet in the cups, your pitch needs sorting soon lads.
ReplyDeleteNick hudd
We can only judge Duchatelet on what he does but his first few days have been pretty good
ReplyDelete- purchased the club
- made Richard Murray Chairman
- spent some money on doing something about the pitch
- brought a new player in on loan
SM, hope I didn't come across as negative about him. Really am not, just really want it all to work well. Also encouraging that the player in on loan is someone Sir Chris seems to know from Leicester, so doesn't look like a case of someone being pushed on us (presumably it also means that we are saying goodbye to Stewart).
ReplyDeleteNick, the club has clarified that the pitch problem is due to the collapse of parts of the drainage system and this can only be fixed once the season is over. Have to mend and make do in the interim.
BA, I have always thought talk of administration was a smokescreen because the vast majority of the unsecured debt was owed to 'insiders'.
ReplyDeleteGiven most administrations see clubs either liquidated or (more likely) restructured with creditors earning 'pennies in the pound' recoveries, I think it would only have been a remote possibility either pre-Baton or post.
Don't get me wrong, I am not suggesting the financial position wasn't dire in the summer of 2010 or again this season, but simply that claiming administration was ever imminent underplays the importance of the 'inside' nature of the main creditors.
BA - you make a good point about Admin and their use of avoiding it as a positive. I suspect Murray was forced to put his hand in his pocket because of a threat from them that there was no alternative. Yet it's obvious now that Cash wouldn't have allowed this or else a £20m sale would have been thrown away. Jiminez may have had a losing streak in the courts but he's got out of jail free here.
ReplyDeleteNYA, Dave, football is indeed a funny business. I remember even in first year business studies (many moons ago) that you never consider how much has been invested when it comes to deciding on whether to invest more, but when you have a salable asset simply allowing its potential value to vanish at the cost of continued (modest relative to potential value) ongoing financing makes sense. And as many of us said at the time, just who was going to put us into administration?
ReplyDeleteI'm also still inclined to see the 'fair play' rules as something of a smokescreen. If I understand correctly there's nothing to prevent fresh equity investment in a club by owners.
If an owner is able to inject equity then the potential permitted loss can be greater but still has to be within the £8m overall max.
ReplyDeleteWith the exception of the ultra wealthy like Abramovich, I doubt if many owners will inject more equity which is likely to end up worthless under most scenarios. At least with debt there is the prospect of getting repaid as appears to have happened here.
NYA, call me an old cynic (many have) but I'm not sure that makes the difference. If a club is sold as a debt-free entity the value of the equity purchased would reflect this (as we don't know how our debt has been treated in the takeover the actual purchase price for the equity becomes almost meaningless as the debt, or much of it, could still be on the books).
ReplyDeleteI'm no expert, but perhaps the tax treatment of debt 'investment' is more favourable (and I'd guess you can give debt superior status such that in the event of liquidation you are first in line).
The dark clouds of suspicion and fear gather. So they should. This makes no sense for the Belgian.
ReplyDelete