Operating losses totalled £23m in 2007
Operating losses last season totalled over £23m, but this was reduced to just under £12m following the sale of Diawara, Young, Rommedahl and of course Darren Bent. It will be interesting to see if Benty does leave Spurs in January if the two outstanding payments
will be paid to us. This of course could make quite a difference to Pardew's budget.
Dropping out of the Premiership and two dismal cup runs meant a reduction in our turnover from £41.9m to £35.9m, back to 2002 levels. Expect that to be a lot lower next year.
Richard Murray's annual report
dwells on the failure of Dowie's signings, costing roughly £12m plus further outlays by Pardew on Bougherra and Thatcher in January meant that the Addicks spent £15m in their attempt to stay in the greed pit of the Premier League. There is no mention in the report of severence payments to either Dowie or Les Reed.
Relegation clearly brought pressures on capital, and executive directors Derek Chappell, Sir Maurice Hatter, David Sumners, Bob Whitehand and Murray loaned the club £9m in 2007.
It was not surprising to see that merchandising was down, despite the new store in Bexleyheath. Relegation can in part be blamed for this, but having two new replica kits with another defunct sponsor emblazoned on the front is not going to help sales and will not be appearing on many people's Christmas lists.
Two new kits are due out again for next season, but unless promotion is gained, how many fans will want to splash out a lot of money of one or both of them, particularly knowing our embarrassing record with kit sponsors?
The report also stated that the club had all the planning consents in place for the redevelopment of the East Stand and is in negotiation on what the report called 'The South Stand,' although Richard Murray added "it is important that Charlton Athletic is providing an entertaining and successful team on the pitch, which will increase the levels of support for the football club to justify further development."
Full 2007 Annual Report here