Club's financial figures

The half-year operating loss of £500,000 and net loss of £1.7m are not particularly worrying and will not doubt improve when the full year figures are available as Richard Murray forecasts.

What is more worrying is that 73 per cent of turnover goes on personnel costs, mainly playing staff wages. This is well above the 50 per cent figure recommended by accountants Deloitte. For example, Manchester United are below the 50 per cent figure.

One implication is that the club will have to get rid of some well paid players at the end of the season whose contribution has been marginal. It also shows that the club has little room for financial manoeuvre, despite calls from some fans for it to go (further) into debt. But, as Keith Peacock makes clear in The Times today, Charlton has no intention of overstretching itself and following the route of Leeds and Southampton. The club will continue on its course of slow, prudent development, no matter how frustratuing that is to some fans.

Nevertheless, the possibility of a bid for the club remains an intriguing scenario and, this page would argue, not as far fetched as some people think it is.