Charlton future in doubt as three individuals from East Street Investments fail EFL’s directors’ and owners’ test

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Consortium led by Paul Elliott completes Charlton takeover as Tahnoon Nimer’s controversial five-month reign ends

Charlton Athletic’s future has been thrown into doubt as three individuals from East Street Investments failed the English Football League’s directors’ and owners’ test on Friday.

ESI bought the Addicks from Roland Duchatelet for £1 in January, with an agreement to purchase the training ground and the Valley for £50million at some point, but the takeover had not been approved by the EFL, which placed the club under a transfer embargo.

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There has been boardroom instability at Charlton since 2014

Now, it is understood Charlton will need to be bought by new owners to avoid expulsion from the Football League – a fate which Bury suffered last summer.

An EFL statement said: “At its meeting earlier this week, the EFL Board was asked to consider Owners’ and Directors’ Test (OADT) applications lodged by Charlton Athletic in respect of a number of different individuals.

“Following a full and comprehensive appraisal of all the relevant matters the Board determined that three individuals were subject to a Disqualifying Condition and the EFL declined to approve their applications.

“Those individuals have 14 days to appeal the decision. The EFL continues to consider applications from other individuals under the OADT.”

A public fallout between Charlton’s ex-majority shareholder Tahnoon Nimer and former executive chairman Matt Southall led to Paul Elliott purchasing ESI in June as Charlton were relegated to League One last season.

Lee Bowyer’s Charlton were relegated from the Championship last month

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Lee Bowyer’s Charlton were relegated from the Championship last month

Despite being backed by the club’s lawyer Chris Farnell, Elliott appears to have failed to convince the EFL that he can lead Charlton going forward.

To make matters worse for the Addicks, the transfer embargo means they are unable to buy new players with the 2020/21 season starting on September 12.

Businessman Andrew Barclay, who is being supported by former Charlton chief executive and fan Peter Varney, has made his intentions clear he wants to complete a takeover of the Addicks.

And Charlton supporters will be hoping he does as their club’s future hangs in the balance.

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