Friday, 18 September 2009

Money provided to allow Charlton to survive

With the biggest wage bill in League 1 and heavy infrastructure costs at The Valley, Charlton's finances remain highly precarious, but once again, members of our board of directors have not failed us in our hour of need.

The Guardian reports: 'Charlton are expected to announce a much needed boost to their finances. Eighteen months ago The Valley club tapped directors for almost £15m in an effort to repay other director loans, a large overdraft and to offer the club some working capital. But losses remain unsustainable and a continuing need for external financing has become clear. Fortunately with the club having wealthy fans such as the millionaire philanthropist Sir Maurice Hatter and the club chairman, Richard Murray, that has been possible.'

It is understood that the approaches made to acquire the club value it at levels the board considers to be unacceptably low.

1 comment:

Trevor said...

does the new money mean the takeover is dead?