Commitment of funds unsustainable at Charlton

Charlton Athletic have published their annual accounts for 2024/25.  A big loss of £16.8m is slightly offset by player sales: https://www.charltonafc.com/news/charlton-submits-annual-accounts-report

Given that the club does not own its stadium or training ground, it is essentially a financial basket case reliant on owner funding, although that applies to many, if not most, football clubs. However, Charlton's situation is not financially sound.

Revenue was up from £8.8m to £11.2m, but the wages to turnover level was 141 per cent, double the recommended level.

Turnover was up £2.3m to £11.1m. No single cause - broadcast revenue, match day and commercial  were all up about £0.5m and “other” up £0.7m. Some of that reflects reaching the play-off final against the very poor 2023/24 season. Commercial is big increase relative to a very low base.

Commercial increase probably relates at least in part to bringing retail in house, which means all sales appear in the club’s turnover and not just commission. It would be partially offset by increased cost.

The operating loss is shown as debt to the parent company, interest free, repayable on demand, now £25m. Salary costs were up £3.6m to £15.7m, reflecting increased turnover, but non-football staff numbers were static.

Accounts disclose an £8.9m investment in the squad for 2025/26 (fees and contracts). That is £8m net of commitments to players who have left. Directors received £308k in 24/25"

The club commented, 'What our financial results do highlight, however, is the cost of football.

We are grateful to the club's ownership for backing the board's vision and putting us in a position to achieve what we did last season and prepare us for 2025-26 with a significant input of resource.

That resource commitment is unsustainable in the long-term for any club, and it is a challenge for all of football to alter the economics of the game to reduce this level of cash loss.'

That is unlikely to happen soon if at all, although the independent regulator is still examining the distorting effect of parachute payments on the Championship.

Charlton reported £3m investment in stadium and training ground improvements and said staff bonuses for promotion and increased wages in the second tier have impacted their financial figures.

On the plus side, the club also reported rises in both attendances and season ticket sales on 2023-24 and increased broadcast revenues after achieving promotion via the play-offs in May last year.

Oxford have lost £17.5 m, West Brom £17 m and Coventry £21.6 m.

Canaries on song

On form Norwich City took all three points at The Valley this afternoon, an early doors goal being enough to give them a 1-0 win. 

The Charlton defence were forced too deep and this mean that the midfield was unable to contribute as they should have done.   Norwich were much better in the final third than Charlton with the lack of Addicks fire power evident again.

Worrying financial results for Charlton were slipped out before the match began, more on this tomorrow.  

The Canaries were soon in front as Ali Ahmed took on the home defence down the left before laying it back to Mattsson, who was given too much time and picked his spot beyond keeper Will Mannion from 20 yards.

Charlton did not heed their lesson and could have found themselves two down as Paris Maghoma cut inside to create a shooting opportunity for himself, but Mannion went down smartly to push it away.

It took the Addicks half an hour to test Vladan Kovacevic, but Lloyd Jones' header from a Harry Clarke cross was comfortable for the Norwich keeper.

Ahmed was prominent at the start of the second half and Mannion did just enough to foil him as the Canadian tried to get on the end of Mathias Kvistgaarden's ball across the box but Charlton were almost level when Ramsay's header following a corner struck the bar and Harry Clarke's follow-up was blocked.

Mannion remained the busier keeper, saving well from a deflected effort from Maghoma and then going down low to his left to deny Mattsson a second, but his earlier strike was enough to secure Norwich's eighth away win of the campaign.

Nathan Jones was annoyed that Norwich supremo Phillipe Clement would not shake hands with him after the game, stating that it showed a lack of respect.

A rueful manager felt there were multiple factors behind Charlton Athletic’s 1-0 loss to Norwich City today. The Addicks boss was left unhappy at the manner of the winning goal, scored in the fifth minute by Danish midfielder Pelle Mattsson.

But Jones also rued the lack of end product from his Addicks side, who have not netted more than once in a home Championship match in their last 14 fixtures in SE7. Charlton have scored 11 times in those 14 games.

Jones was also deeply unhappy at the performance of referee Will Finnie. The official ignored appeals in the second period when Lloyd Jones had his arm pulled by Ruairi McConville inside the penalty area.

Some fans have also commented on the poor standard of refereeing.

The canary in the ground test

Charlton face another tough test at The Valley tomorrow afternoon when they play resurgent Norwich City. At the beginning of the season I had this down as a 1-3 win for the Canaries.

Norwich did lose against another resurgent club, Southampton, midweek but just by 1-0.   The Saints had to work hard for the win as the Canaries dominated the second half.

Norwich have been rejuvenated after changing their manager, picking up 42 points from 23 games.  Former Rangers gaffer Phillipe Clement replaced Liam Manning when Norfolk's finest were in the bottom three before Christmas.   They've collected more points than any other team in 2026.   They have averaged nearly two goals a game.  They are top of the Championship form table.

At St, Mary's Norwich were the better side for much of the second half with Southampton keeper Daniel Perhetz pulling off fine saves to deny Kellen Fisher from close range and then keep out Ruairi McConville's goalbound header at the death.

Writing in The Football League Paper, Adam Virgo stated: 'Under Liam Manning, they'd win possession, go sideways and backwards, and then build up again.   It was very regimented, with no room for individual expression, and it didn't suit a squad of very talented players.'

'With Clement, you still have to work hard and be disciplined out of possession.  But the attitude is very much" Can we play that ball forward first?"

'Their January window was arguably the best in the Championship.  Ahmed came in from Vancouver Whitecaps and has hit the ground running.   Best of the lot is midfielder Paris Maghoma, whose £800,000 move from Brentford looks an absolute bargain.  He's exciting, he's inventive.  He makes things happen.  He's got a deceptive pace about him and he's just a very intelligent footballer.'

BTW, congratulations to my Saints supporting friend Joe the Saint on his forthcoming civil partnership with Cheryl.  Saints supporters who tie the knot are required to wear a Portsmouth shirt at the nearest home game.

Budget decisions for next season start soon

Richard Cawley has been talking to CAFC chairman Gavin Carter.   The chairman more or less confirmed that this season the Addicks had had one of the lowest budgets in the Championship, simply noting that crisis club Sheffield Wednesday's playing budget was lower.   

He also pointed out that the metrics were not straightforward.   Confidential discussions did  take place with other clubs when visiting them for matches.   He realised that fans were not keen on key performance indicators, but they were a key decision-making tool.

One of the reasons the board liked Nathan Jones was that he had shown at Luton that he could manage a constrained budget.

Discussions about next year's budget will begin towards the end of March,  It was evident that the board was waiting to see what the finishing position would be.

The owners are open to the injection of fresh capital, but are more focused on the quality rather than the amount

Congratulations, Lyndon Dykes

Lyndon Dykes has been called up for Scotland's international friendlies.  This means that he may have a chance of joining their World Cup squad

He has proved to be a good signing at Charlton despite initial scepticism.

Welshman hits centenary

Richard Cawley reminds us that Nathan Jones chalked up 100 league games in charge of Charlton at the Kassam Stadium on Saturday.

The last manager to achieve this feat was Lee Bowyer in 2020.

Under Jones the Addicks have won 41, drawn 32 and lost 27,   His win rate is 41 per cent.  Arguably too many draws.

I wouldn't rate Jones as anywhere near Jimmy Seed, Alan Curbishley and Lennie Lawrence (or Chris Powell who suffered from the barmy Belgian).

But he is doing a job for us, getting us out of League One and probably keeping us in the Championship.  I don't think we're quite safe yet and Saturday's fixture against Norwich is tricky.

One thing most fans would agree on is that some of the players are not good enough for the Championship and we need them to find their level in League One or Two.   No names, no pack drill as there is understandably disagreement about some names.

But with a second season in the Championship, a good stadium and training ground and a London location, we should be well placed to attract some quality players next season.

Penalty pain then joy for Charlton

After holding Oxford to 0-0 in a low quality first half, Kayne Ramsay bundled over Oxford starlet Will Lankshear in the box.  (Lankshear was being watched by England Under 21 supremo Lee Carsley).  Mannion dived the right way for the penalty kick, but Brannagan put the ball in the bottom corner.on 57 minutes.

Richard Cawley put out an appeal for video of the penalty incident.   Some Addicks there doubted that it was a penalty.   (Referee Matt Donohue is often VAR at top flight matches).

Shortly afterwards it was almost 2-0 to the hosts.   Will Lankshear gets through and plays a lovely chip over Addicks keeper Will Mannion.  Mannion just gets enough on it to slow it down and give Lloyd Jones enough time to get there and clear the ball off the line.   Good goalkeeping there from Mannion.  (Most Addicks supported his selection).

Coventry was replaced by Jayden Fevrier.

Stanley Mills, son of Danny Mills, was booked for a foul on Luke Chambers.   Danny Mills and Steve Brown were seen in conversation before the game,

Into the last 10 minutes of normal time and Charlton are really going to step this up to get anything from this game, they haven't created anywhere near enough.

The Addicks have had just two shots in the entire match so far and have not tested Jamie Donley in the Oxford goal   Both Leaburn and Campbell have disappointed (although many would say that Campbell never looks interested).   Losing Dykes in the warm up was a real blow.

Ibrahim Fullah and Joe Rankin-Costello were introduced in place of captain Greg Docherty and Luke Chambers.

The Addicks were awarded a late penalty and Kelman scored on 90+3 minutes.   He shot low into the bottom left-hand corner with the keeper diving the right way but unable to connect.

Dumbo Ciaron Brown grabbed hold of the shirt of Lloyd Jones and pulled him to the fkoor after Fullah had put in a decent cross.

Two points off Oxford, one for Charkton.

Mercurial supremo Nathan Jones told Richard Cawley that he blamed his players for the disappointing result: They didn’t stick to the game plan and they didn’t do a single thing I said at half-time. That is why we came unstuck and conceded.'