Thursday, 10 March 2016

Club £46m in debt

Charlton's accounts for 2014-5 show that the club had a total of £46m in debt. £38m was owed to Roland's company Staprix, £7m to the old board and £1m to the bank.

£1m was paid in interest to Staprix during the year, according to VOTV editor Rick Everitt.

The club announced a loss of £3.78m in their accounts for the financial year to the end of June 2015. The club's match-day income fell by £1.2m but operating expenses were reduced by £1m to 16.8m.

The Addicks made a profit of £4.4m on player sales, which included the departures of Joe Gomez and Diego Poyet to Liverpool and West Ham respectively.

The overall figures are an improvement on the previous year's accounts, where Charlton recorded a loss of £5.72m.

"It is the board's strategy to continue to reduce these levels of losses over time and move towards a break-even position whilst remaining highly competitive in the Championship," chief executive Katrien Meire wrote in a statement. [What about imminent relegation?]


ExpatCyp said...

Crucially what is the rate of interest paid to RD or one of his companies ? Is it above or below a commercial rate ? Is it "weird" to ask such questions ?

Wyn Grant said...

I understand it is 3 per cent which is not excessive, for example RateSetter is currently borrowing money at around 6 per cent and Funding Circle loans out at a rate of at least 8 per cent.