Andrew Barclay has ended his interest in buying Charlton Athletic.
Barclay had linked up with former Charlton chief executive Peter Varney to secure a takeover deal at The Valley.
But he has walked away after failed attempts to negotiate with former Addicks owner Roland Duchatelet about acquiring The Valley and the club’s training ground as part of a takeover deal.
Varney also claims East Street Investments have failed to provide them with any documents they have requested as they bid to gain a greater understanding of the situation behind the scenes.
Now Barclay has walked away, wealthy Danish businessman Thomas Sandgaard looks to be in pole position to strike a deal for the League One club.
Barclay said: “Peter and I have worked hard to reach a deal over the last six months to resolve the CAFC situation. [The] Valley and Sparrows Lane was key to our plans in order to construct a state of the art facility in order to double down and invest in academy/youth.
“Unfortunately we weren’t able to make any headway with the owners of those assets despite our best efforts. On top of that, the risks... [make] it very difficult. I believe it’s best to step aside and let Thomas Sandgaard have a go
“We spoke not long ago and he seems to have a bigger appetite to take on the risks associated and therefore it’s best that he has a clear run at it. I wish him the best of luck with it as he is by far the best option.
“Lastly, Peter Varney deserves all the respect and applause he can get. From day one, he worked on this project with me for free. There was nothing in it for him if we were successfully. Not a dime. He did this for the love of the club. Thomas Sandgaard should build a statue of Peter Varney if he gets control!”
In a statement, Varney said: “Sadly Roland Duchatelet has made it clear through his lack of response to any correspondence to his lawyers and through Andrew’s discussion with his representative that he has no interest in discussing a sale of the two main assets.
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"Two things are not helping that process. Firstly a belief that there is some major property play on the Greenwich Peninsular involving The Valley and in my opinion that is pure fantasy. Second the allegations made against me in relation to financial wrongdoing which I don’t blame Roland for as e clearly believes the outrageous and false allegations he has been advised of. Additionally, it would appear at least one of the other bidders are in some form of direct engagement with Roland and that can only be good news for the club.
“Any deal with ESI to acquire the ownership of the club is fraught with obstacles. Despite signing a NDA previously not one single document has been provided to Andrew. Andrew has been offered an NDA with Panorama but frankly without the ability to negotiate with Roland, spending thousands on lawyers and accountants to do the best among of due diligence needed to unravel what has gone on at the club would be pointless and only add delay to a situation that needs to be resolved urgently. His sense is that without administration there will be an array of claims and litigation cases from all those involved in the process to date. The patience of the EFL on proof of funding is being tested to the limit.
"Andrew got involved in this because he wanted to build a stable and successful club but he recognises that by staying involved in the process that cannot deliver on that model he wants would be harmful to the club and neither I or Andrew want that. If others can negotiate a deal with Roland and Panorama/ESI as they claim then the right thing to do is step aside and allow it to happen. Saving the club’s League status is paramount to Andrew so that is what Andrew will do. If circumstances change he remains ready to have constructive dialogue with any of the parties involved in CAFC."