Shareholders approve sale

Charlton plc shareholders approved the sale of the club's training ground and other properties to several Addicks directors on Wednesday as football club chairman Richard Murray pledged to maintain the club's fabled academy.

The sale of several of the company's freehold assets, apart from The Valley, to existing members of the board will lead to an injection of around £1.5m of working capital into the club.

And although a restructuring process has begun across the club, Murray insisted the Addicks would do everything possible to keep Charlton's renowned youth structure intact.

"The three resolutions were all approved, so that was good,” said Richard. "We explained the logic behind the decisions, and that Charlton won't suffer but will only benefit.”

Under the deal, Murray (acting through Alliance Trust Pensions Limited) and honorary life president Sir Maurice Hatter (acting through The Maurice Hatter Foundation, a registered charity) will purchase the Aries Sports Ground, used by the professional sections of the club, and the former Charlton Park rugby ground, at which the Charlton Community Trust has its all-weather facility, for a £1m sum.

A company connected to plc deputy chairman Robert Whitehand has also agreed to purchase the Pippenhall sports ground, where the youth academy is based, for £300,000.

"The three key points are that the assets are in friendly hands, it's a 25-year lease, and if the club wants the facilities back, it can buy them back," said Murray. "Of course, this needs to be explained to fans because if you just read it in black and white it might look like asset-stripping is going on, but that certainly isn't the case.

"It's totally for the club's benefit. The 25-year lease means the club has security of tenure and if, by any chance, the club came into some money which it wanted to invest back into the training ground, it's got an option to buy the training ground back."

Richard added: "As most people will be aware, the directors have pumped a lot of money into the club and unfortunately, people like myself have just come to the end of their financial clout.

"But one place I had some money was in my pension fund, and we've been able to make this investment, and of course we have Sir Maurice Hatter and Bob Whitehand to thank for the other parts."

The lease rental has been determined in line with normal market rates and has been approved by the company's independent directors.

Two further residential sites in Lansdowne Mews, adjacent to The Valley, owned by Charlton plc, have been purchased by Whitehand for a combined £200,000.

All the deals were approved on Wednesday morning, and matters then turned to an informal discussion with Murray about more general football matters.

Football club chairman Richard Murray has pledged to maintain the club's fabled academy

"There were a lot of passionate shareholder fans there, and they understandably wanted to answer questions about the team, and about next year," said Richard.

"I think the most important thing I stressed was that Charlton would survive this. All clubs are hit financially when they are relegated, and what with everything else going on in the wider world, it's really tough.

"But we were able to give assurances that we do have a viable plan to go forward, that we intend League One to be just a one-year visit - that we do a Leicester City and bounce straight back - and that there is every chance we will come back stronger, and certainly wiser."

He added: "I think football outside the Premier League is in a period of flux at the moment. I don't think there will be as much money thrown around and as much gambling as in the past, and that will probably be a good thing."

Murray was also asked about the club's academy, which has produced eight players who have made their first-team debuts since May 2006.

"We are going to try to keep our academy going," pledged Richard. "We're having to cut costs right across the club, but the academy is something we feel is vital for our future. We could be the only club outside the top two divisions that has an academy, but Jonjo Shelvey is the perfect example of what can be produced."