Thursday, March 23, 2006

Club's big six month loss

Charlton Athletic plc has announced a £5.1m loss in the six months to December 31st, 2005 against the background of stagnant turnover figures. As far as I recall, this is the biggest six month loss while Charlton has been in the Premiership. Making their annual half-yearly report to the Stock Exchange,the Addicks also revealed turnover has remained constant at £19.5m and the company's net assets had risen by £6m. The news follows a £5.5m share issue in July 2005.

'At the beginning of the season we made a conscious decision to use the money gained from an equity share issue to improve the quality of the squad and try to kick the club on to the next level,' Richard Murray told the club web site.

Murray admitted that the strategy of buying high quality players had not worked exactly as planned with the departure of Murphy and Smertin and the long-term injury to Sorondo.

Without a cup run, this does not bode well for funds available in the summer, although considerable sums in wages should be saved through the departure of a number of players.

Rick Everitt has challenged listers to say what they would do about season ticket prices. This is not the time for big increases, but small or selective increases would probably have little impact on renewals which will be driven more by a widespread feeling of disenchantment.


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