Charlton Athletic reject Sainsbury takeover attempt

November 9, 2010

League One side Charlton Athletic have rejected a takeover bid from a group led by Swiss-based fund manager Sebastien Sainsbury.

A senior source at the club said the offer had not provided proof of funds.

Sainsbury, a member of the supermarket dynasty, fronted a failed attempt to buy Leeds United in 2004.

Former Leeds United and Cardiff City chairman Peter Ridsdale has denied recent press speculation he is involved in a rival US bid for the Addicks.

That bid is being advised by Bradley Rangell, the managing director of Citibank’s sports finance unit.

Rangell, who has been involved in a number of high-profile takeovers in American sport, has previously made attempts to buy Cardiff City and Hull City.

Sainsbury’s interest in the club first came to light when he registered a takeover vehicle called Charlton Athletic 2010 Ltd in July.

Sainsbury, the great grandson of supermarket chain founder John James Sainsbury, is listed as the sole shareholder of that firm but his group is understood to also include a local property developer.

BBC Sport understands his offer has divided opinion on Charlton’s five-man board with at least two directors concerned about the level of borrowing involved.