Most football fans think they have a special connection with their stadium – unless you are a West Ham supporter – but in the case of Charlton and The Valley it is especially true.
As Heather McKinlay of the Charlton Athletic Supporters Trust (CAST) points out, the Addicks are the only EFL club who have been forced to leave their ground before fighting a long and ultimately successful battle to return.
AFC Wimbledon came close, but their Cherry Red Records Stadium is adjacent to the old Plough Lane, whereas The Valley is the same ground that became derelict in the 1980s.
“There are some things in life that are worth fighting for, and Charlton fans proved that The Valley is one of them,” McKinlay says.
Charlton returned to The Valley in 1992, but have not owned it since 2019, when much-reviled former owner Roland Duchatelet sold the club to a consortium called East Street Investments (ESI). That proved to be even more disastrous.
Three years later, the club was acquired by an American group, Global Football Partners, who have been far more stable. Nathan Jones’ side returned to the Championship for the first time in five years this season, but Charlton’s property assets remain owned by Duchatelet.
While still beholden to Duchatelet, Charlton succeeded in extending their lease at The Valley and their Sparrows Lane training ground in New Eltham to 15 years last month, which has given the club more security. However, fans will not be truly content until they own the ground.
“We would certainly like the ownership of the club to be reunited with the ground, but extending the lease is a positive step,” McKinlay says. “We were getting concerned as there were only 10 years left to run, so this takes the immediate pressure off. It’s much better than nothing.”
With the lease originally granted to East Street by Duchatelet ticking down in recent years, Charlton had been approached by property developers offering alternative sites for a new stadium, but this has not been pursued. The club were determined to make The Valley their long-term home, and while they would like to buy it, they have yet to make an offer to Duchatelet.
“The relationship with the landlord is good,” a club source said. “We’d like to buy the ground, but there’s no immediate rush. We have never made a bid.
“The lease extension was negotiated without any pain, and 15 years is better than 10. Roland is in no rush either. He knows he could be sitting on a potentially valuable asset, particularly if we get promoted to the Premier League.
“We certainly don’t want to leave. The Valley is big enough for us at the moment, but of course the ground could be improved.”
The sticking point appears to be one of price, with Charlton’s 2021 accounts showing that their property assets – The Valley and Sparrows Lane – were valued at £53.7m under the ownership of Charlton Athletic Holdings Limited, with Duchatelet the ultimate owner.
That valuation appears to have been based on the terms of a proposed sale to East Street which never materialised, with the result that it is now significantly overvalued. Charlton’s apparent reluctance to go to the negotiating table may stem from the fact that their valuation is a long way from Duchatelet’s asking price, with the situation in deadlock.
Should the relationship deteriorate and Duchatelet seek to sell elsewhere, Charlton have some protection in the form of The Valley’s Asset of Community Value status, which was granted by Greenwich Council in 2012 before multiple extensions. If a sale is mooted, then CAST will be notified early and given a period of six months in which they can bid.
“It’s often hard to deduce Roland’s intentions,” McKinlay said. “When he sold the club to East Street Investments he effectively gave it to them for nothing, with a side deal that they would pay £50m for the ground on the training ground, but that wasn’t worth the paper it was written on. ESI never had that kind of money.
Your next read
“But unfortunately, in Roland’s mind, that’s what The Valley is worth. It’s a completely unrealistic valuation, and I don’t blame the owners for not paying it. Maybe if we get back to the Premier League, they can do a deal.”
In the meantime Charlton are continuing to invest in the ground and will spend more on upgrading facilities following the lease extension. A big screen, digital advertising boards and a larger fan zone have been added since promotion from League One via the play-offs last season, while there are further plans to improve the club’s catering, retail and hospitality offerings.
“The current ownership seem committed to The Valley, and have been investing,” McKinlay adds. “They’ve been talking about the need to improve facilities – and so far have put their money where their mouth is.”
from Football - The i Paper https://ift.tt/pbu6Sv9
Post a Comment