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.'

Oxford dream or nightmare?

It would be very Charlton to do the unpredictable at Boro and then fail to claim any points at Oxford United on Saturday, although I am hopeful of at least a point which means two points off Oxford.

This is not, of course, the Oxford of dreaming spires but more that of Blackbird Leys.   I must say that I find a three sided ground a bit of a joke with people perched on the tops of vehicles to see the action.  However, they now have plans for a new stadium to the north of the city.

The dreaming spires are represented by non-league and former amateur team Oxford City.   They were once headed up by Norman Chester, the warden of Nuffield College who wrote a prescient but now forgotten official report on the state of football.  Actually finding their ground is a real challenge.

Of course, I remember when Oxford played at Headington, recalling their origins as Headington United. It might be said to be a ground with 'character' with a series of individual stands.   We bought some of the seats and the turnstiles at Leamington.

Enough history.  Oxford have made a bit of a recovery recently, beating Blackburn 1-0 at home during the week.   At home they have won just five matches, drawn six and lost seven.

Oxford are unbeaten in seven home fixtures with Charlton (won four, draw three).  The Addicks last won there in 1998.   This was also the last time we did the double over them.

I'm not sure whether this matters, but Oxford have only won one of the last twelve home games that have kicked off at 12.30.

I was interested to see that Charlton are now above QPR in the table.  Each season there is usually a team that gets dragged into it late on and I wonder if it could be the Super Hoops this year.   It would be just repayment for QPR super fan Lord Young of Acton using his Spectator column to attack Charlton fanzine editor Rick Everitt.

In their preview, CAS Trust emphasise the extent to which Oxford rely on set piece goals.   Our defending at corners still concerns me.

They also note that the two clubs are close together in the form table which suggests a tight contest.

Dykes was taken ill during the warm up and replaced by Miles Leaburn.  Zach Mitchell joined the bench,

In the opening 25 minutes, the Addicks had 60 per cent possession but neither side had any shots.  After Harry Clarke put in some excellent defensive work, there were chants of 'Sign him up' from the Addickted.

A late tackle by charm merchant Helik caught Leaburn on the shin.  The Charlton man was in some pain and the home player received a yellow card.

The home side applied more pressure after 30 minutes and Luke Chambers was booked for a needless foul, but the free kick from a dangerous position went over.

0-0 at half time.  As Louis Mendez commented, 'Not a great spectacle'  Charlton had more possession, but failed to create chances.

To the Londoners 1-0

Charlton's unexpected win at Middlesbrough tonight eased their relegation fears.   The winning goal came from Conor Coady, viewed by many pessimists as a useless signing.

Kim Hellberg's home side dominated possession throughout the game but not for the first time of late lacked a clinical touch in attack and were frustrated by the well organised visitors.

Wing-backs Matt Targett and Callum Brittain were wasteful in good positions early on, while Aidan Morris thumped the crossbar during a strong first-half spell.

The Addicks had their moments on the break, though, and Charlie Kelman should have done better when his shot was saved by Sol Brynn at his near post.

The pattern of play continued in the second half until Coady, on his 400th career league start, got ahead of his marker to touch in a mammoth throw from Harry Clarke.

The goal, his first for the club, all but silenced the home fans.

Boro kept up the pressure, ending the night with 34 shots on goal, but Will Mannion in the Charlton goal was largely untroubled until he saved well from Hayden Hackney late on.

Charlton, who had won just one of their previous 12 on the road, now look comfortable in 17th place with a nine-point cushion to the relegation zone. 

Negativists struggled for a narrative with avatar Desmond from Deal saying in despair: 'Just when Jones looks like getting his P45, he pulls a rabbit out of the hat.'

One leading moaner said before the game, 'Jones has lost the plot.'   

But as the coach explained to Richard Cawley: '“It was a gamble because I’m sure social media would have been going ‘oh, they’ve taken this game lightly’, ‘they don’t think they can win it’ or ‘they are preparing for Oxford’. I imagine that is the case - I don’t read social media. So you’ll have to tell me if that is true or not,” said the Welshman.

“But we have to utilise the squad. It demonstrates the trust we’ve put into them.We’ve had to use the squad because we’ve got seven first-team players out at the moment. Josh Edwards, Collins (Sichenje) and (Reece) Burke. Three defenders - you can’t take too many risks in that area. (Luke) Berry, Harvey Knibbs, (Matty) Godden, Thomas Kaminski.  All huge players.'

Boro game poses difficult choices

Curbs used to call them 'bonus ball' games when you were away to a much stronger side.   If you did win them, it was a great plus.    Many of us can remember the 4-2 'Black Sabbath' win at Highbury or winning 3-0 at Everton.

However, Curbs also emphasised that what mattered was beating the teams around you.   So the really crucial match this week is not tonight's game at Middlesbrough, but the six pointer at Oxford United on Saturday.   The early kick off to suit Sky gives the Addicks even less recovery time.

Boro will be motivated to win tonight after the victory by Millwall yesterday put them just one point behind in the automatic promotion race.

After some signs of faltering, Boro won 3-1 at Birmingham and then brushed the Super  Hoops aside 4-0 at Loftus Road.   Although we didn't manage it, QPR often collapse under real pressure.

We do need to avoid a pasting tonight.  Goal difference may yet matter and it wouldn't be good for confidence.    Boro have sometimes seemed nervous at home, leading to five draws.

Clearly the strategy should be to defend and counter attack, but that still leaves some difficult decisions about players.  Lloyd Jones, a key player, is one card away from a ban, but we don't have many other options.

Remarks made by Nathan Jones to Richard Cawley suggest that he now sees a real competition for the keeper slot.   In one sense that is welcome, but it still means a difficult choice with armchair managers ready to pounce.

Boro have lost just one of their last thirteen games against Charlton.   They are unbeaten in their last five games at home, conceding just one goal.

There are quite a few northern Addicks who go to these midweek games 'oop north and I hope we put on a display for them tonight.   My guess would be 3-0 to the Boro. but a draw is possible.

Reporting on the line up, Richard Cawley says it looks as if key players are being rotated/rested.

There's only one Lloyd Jones

Richard Cawley reports that Lloyd Jones leads the Championship for the most defensive clearances this season (374) and aerial defence work (222).   He made 22 defensive interventions against the Blues yesterday.

Worrying news from Cawley that Addicks striker starlet Micah Mbick was stretchered off at Colchester's game at Newport yesterday and taken to hospital.

Upset U's supremo Danny Cowley told the Football League Paper: 'It looks a really bad one unfortunately.   It's a horrendous tackle and I'm sick and tired of officials.   He didn't even give a foul.  It was so clear - the fourth official was there and he saw it all, that it was excessive force.'

On a happier note, congratulations to former Charlton director Lord Michael Grade of Yarmouth (isle of Wight) on his 83rd birthday today.   Seeing him heading rather modestly towards the directors' entrance at Anfield at one game, I almost shouted a greeting.

He has been described as an 'admirably steadfast' Addick and in 2024 appeared on a podcast interview entitled 'Football Ruined My Life'.

Jonathan Grade is a Charlton supporter active on X.

Yet again one is enough

It was a difficult day for pessimists as Charlton moved nine points clear of the relegation zone with a 1-0 victory over Birmingham City at The Valley this afternoon.   Louis Mendez points out that on 44 points Charlton are on the average to stay in the Championship over the last 12 years.

Charlie Kelman's winner was enough to give Charlton their victory and an important three points in their bid to move further clear of the relegation zone in the Championship.  The forward's fifth goal of the campaign came moments after coming off the bench, and settled a game of few clear-cut chances.

Prior to the winner, Tyrese Campbell had the best opening for the Addicks, denied only by a spectacular last-ditch block from Christoph Klarer to prevent the hosts taking the lead.  It is the first time Blues boss Chris Davies has lost three consecutive league games since taking charge at St Andrew's.

Only one of the previous 14 games between these two had produced more than two goals, so it came as no surprise that this was another tight encounter of few opportunities.  There was little to speak of in the opening exchanges before the hosts had numerous sights of goal in quick succession midway through the first half.

Strong work from Greg Docherty in midfield teed up Lyndon Dykes, but the striker's effort from 30 yards was off target.  Moments later, Harry Clarke found Kai Wagner in the way of his goalbound effort, and from the resulting corner Blues keeper Ryan Allsopp did enough to divert the ball away from Connor Coventry.

It was the same story after the break, and Blues' backline was called into action again when Campbell found himself clean through on goal, and it took a perfectly-timed challenge from Klarer to keep the score goalless.

The breakthrough came with just under 20 minutes remaining from Kelman's first touch after coming off the bench.   The striker brought down a long throw-in that had been flicked on, and fired home beyond Allsopp.

Birmingham – who had made five changes from the 3-1 defeat at home by Boro - threatened late on via a counter attack that saw Ibrahim Osman fire just wide, but ultimately slipped to a third straight league defeat.  Miles Leaburn almost added some gloss to the scoreline for Charlton in injury time but could not direct his effort on target.

Supremo Nathan Jones took the opportunity to make a few subtle digs at his many critics: "Every win is massive in this league and this stage of the season. I felt it was thoroughly deserved.

"Others had won or picked up points, so we knew we had to do that as well. It's all about us getting to a points total we're comfortable with and building from there.

"I don't think we're close [to safety]. You won't feel that way until it is mathematical. That wasn't our goal after the first 15 games. We didn't expect to be in this position.

"We picked up injuries at the wrong time but now we're coming through that. The performance levels have been good lately, we haven't lost many. Could we have won a few more? Yeah. Have we let ourselves down with one or two performances? Yeah. But we are fighting and competing at this level, it's only our first year back."

Apologies for late coverage but I was helping my youngest to clear out the house that the family has lived in for nearly 50 years.

I left early to catch what I could of the match, leaving her alone.  In a 150 year house we have had some issues with ghosts over the years and unfortunately her activities in the attic led to her being chased out of the house!

Both teams need three points tomorrow

After back to back defeats by Millwall and Boro, Birmingham City need all three points at Charlton tomorrow. Otherwise they can say goodbye to their fading play off hopes.

Equally, the Addicks need three points to stave off relegation fears.  A draw is a more than possible result but would not help either team.

Nathan Jones was appropriately cautious in his remarks to Richard Cawley about tomorrow's game, emphasising that you can't read off results from recent ones.

Last season we beat the Blues 1-0 in SE7 and I would take that.   It's difficult to see Charlton scoring many goals, but odd things can happen in football (like the prospect of us playing Spurs next season).

CAS Trust are expecting tight margins: https://www.castrust.org/2026/03/blue-reunion-at-the-valley/

• Charlton are looking for consecutive home league wins against Birmingham for the first time since beating them in 2004-05 and 2005-06 in the Premier League.

• Only one of the past 14 league meetings between Charlton and Birmingham has seen more than two goals scored, a 2-1 Addicks win in April 2016.

• Charlton have lost 11 of their past 21 league games (W4 D6) – since the start of this run on 8 November, only Sheffield Wednesday (18) and West Brom (12) have lost more Championship games.

• Birmingham City have lost their past two Championship matches but have not lost three league games in a row under manager Chris Davies before. The Blues last had a longer losing run in March 2024 (four defeats).

• Charlton Athletic manager Nathan Jones has only won two of his nine league games against Birmingham City as a manager (D3 L4), 1-0 wins with Luton in February 2021 and the Addicks in October 2024.

Jonny Williams talks about Roland Rat

Like many Addicks, I always liked Jonny Williams as a player and a person.  I always felt he tried to give his very best.

Richard Cawley has a fascinating in depth interview with him on his Substack page.  Apparently Williams took a pay cut to stay at Charlton when we went up to the Championship.  Williams is full of praise for Lee Bowyer who recruited him. 

No surprise that the 32-year old is now taking a course in football psychology.  He also talks about how often he got tackled and the lack of protection he got from referees.

He also discusses Roland Duchatelet’s deeply damaging decision to hand over control of the club to East Street Investments, whose sham ‘takeover’ never received EFL approval and saw funds completely dry up.

“You would be lying if you said it didn’t worry the players,” said Williams. “It affected everyone. We were in a bad situation on the pitch, in terms of results, but off the pitch it was an absolute circus at the time, to be honest.

“There was all sorts going on. No-one really knew where they stood. At times we had our own meetings as players and staff. We tried to park all that other stuff and take care of matches. In football it is about focusing on controlling the controllables and you let go of everything else. But it has an effect on people’s mentalities, worries and anxieties. It is everyone’s job at the end of the day - you have got X, Y or Z to pay."