Charlton shake up guarantees significant cash investment

30 July 2010 | Posted in Sports Properties, Soccer | By Tom Love

English League One soccer team Charlton Athletic has announced that its chairman, Richard Murray, has taken full control of the club.

Having agreed terms to purchase the remaining shares from his fellow directors, the proposed buy-out is scheduled for consideration at Charlton's Extraordinary Meeting of shareholders early next month,

Much has been speculated about a takeover at Charlton Athletic from foreign investors but so far nothing has come to fruition.

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Murray said, "We will now go forward and actively seek new investment. This has been a critical time. Our future was uncertain, and 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 buy-out 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 would like to reassure all our supporters that this is an immensely positive forward step and an important part of the process of rebuilding our club."

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Charlton Athletic finished the 2009/10 League One season fourth.