Tuesday 11 April 2023

Charlton lost over £10m

Charlton lost over £10m in 21/22 from operations, player sales reduced this by £3.3m, reports Kieran Maguire.  Charlton bought players for £1.7m in 21/22. Sales were £3.7m.

Charlton had loans of £20m at 30 June 2022and have since borrowed a further £6m from the owner. Charlton borrowed £3.5m in the year.

Interest costs £12,000 a week in 21/22.  Wages £108 for every £100 of income.

Income up as tickets sold via end of lockdown. This offset lower commercial and broadcast income. Over £500k in severance pay costs arose in year.

Charlton total losses over the years now exceed £48m.

VOTV website editor Rick Everitt comments: 'The £10.1m operating loss announced by Charlton for 2021/22 is virtually identical to the previous season if you take into account an adjustment made as part of the takeover in 20/21. Generally comparisons with 20/21 are complicated because of lockdowns. An operating loss of £10m is actually better than the club managed in L1 in the prior spell at that level under RD.'

He continues: '‘Matchday income was £4.9m which was up on the three L1 seasons under RD - 50% higher than 16/17 and 17/18. Commercial up £500k on that comparison. Reflects pro-Sandgaard and opening up sentiment in 21/22, I think. Also shows the huge difficulty in breaking even at this level.’

Everitt adds: 'Charlton have received 11 more interest free loans from Sandgaard’s Clear Ocean Capital this season, totalling £6m. Total now due is £16.5m.'

'Accounts note that the club may be sold and it is expected his financial support “would then cease”. Suggests he wouldn’t be retaining a shareholding as that would normally require an ongoing contribution?'

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