Friday 3 April 2020

Charlton losses total £70m

Reviewing Charlton's accounts, football finance guru Kieran Maguire notes that the Addicks have clocked up losses of £70 million over the years and are reliant on owner loans for survival.

The club paid out £133 in wages for every £100 of income. This is way above the recommended Uefa recommended maximum of £70, although such figures are not unusual in the Championship. The accounts, of course, relate to League One where it is a high figure.

Maguire thinks that the £21m of loans converted before the transaction with East Street suggests that he is owed about £48m. He comments, 'Still unclear whether ESI has 100% of the shares of Charlton and whether Duchacelet could end up with control if payments are not made.'

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