Even in the present financial climate there always seems to be someone willing to take on the bottomless pit that is your everyday football club. League One rivals Charlton Athletic have announced this afternoon that Richard Murray has agreed terms with his fellow plc board directors and bondholders for the purchase of shares in Charlton Athletic Football Company Ltd and Charlton Athletic Holdings Ltd which will see him assume sole control of the football club.
Charlton's rapid fall from the Premier League through the Championship and into League One has seen the club struggling to maintain its head above the murky waters of financial collapse. Only yesterday another round of redundancies was announced at The Valley.
Murray stated:
"This has been a critical time for the club. Our future was uncertain, and financially this was potentially one of our darkest hours. However, agreement has been reached with my fellow directors for me to take sole control of the club through what is effectively a management buyout of the plc subsidiaries. The new money I am injecting into the club will ensure we go into the new season with a competitive team. I shall be appointing a new interim board of directors, and we will now go forward and actively seek new investment."
The deal is not yet completely cut and dried, with the formal approval of the shareholders of Charlton Athletic plc required. An Extraordinary General Meeting is set to be called in early August.
The Glovers will be visiting The Valley in November, with the reverse fixture scheduled for February 2011.
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27 July 2010 : 
