Cash strapped Charlton Athletic has been the subject of a management buy out by chairman Richard Murray. He has taken sole control of Charlton. New money has been injected into the club to reduce its debt burden, thus making it more attractive to new investors who are being actively sought.
Murray said: ‘This has been a critical time for the club. Our future was uncertain, and financially this was potentially one of our darkest hours.
Cash strapped Charlton Athletic has been the subject of a management buy out by chairman Richard Murray. He has taken sole control of Charlton. New money has been injected into the club to reduce its debt burden, thus making it more attractive to new investors who are being actively sought.
Murray said: ‘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 (MBO) 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. To assist with this, I am appointing Tim Fisher, of Calimere Point, to work with me on devising an investment strategy for the club.’