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Page last updated at 15:03 GMT, Friday, 31 December 2010

Charlton Athletic takeover deal completed

Charlton Athletic

League One high-flyers Charlton Athletic have been taken over by a group represented by former Addicks chief executive Peter Varney.

An offer for the club from the group of investors was accepted earlier this month and it was hoped the deal would be completed by Christmas Eve.

But although that target date passed, the deal has now been concluded.

Varney returns to the club as executive vice-chairman, while Michael Slater replaces Richard Murray as chairman.

Murray will remain as a director, while former Charlton managing director Stephen Kavanagh becomes chief executive and will continue to be responsible for the day-to-day running of the club.

What we won't do is create unrealistic pie in the sky expectations

New Charlton chairman Michael Slater

Both he and Varney will report directly to new chairman Slater, who owns and controls CAFC Holdings Limited (CAFCH) - the club's new parent company following its purchase of previous owners Baton 2010 Limited - alongside former Newcastle vice-president Tony Jimenez.

Slater told the Charlton website: "By acquiring Baton, we are delighted to have taken control of Charlton. The club has a long and proud history and has an incredibly loyal fanbase.

"I'd like to pay tribute to Richard Murray, who took on a huge financial responsibility last summer when he saved the club from almost certain administration when he sought new investment.

"I'm delighted that we'll continue to benefit from Richard's unique insight and relationship with the club and the supporters.

"As the new owners, we are both football fans and businessmen. Today's acquisition brings much-needed financial stability to the club.

"Our plan for Charlton is to run the club on a sensible financial footing and develop a commercial plan to ensure we make progress on and off the pitch to meet the expectations of our fans.


"What we won't do is create unrealistic pie in the sky expectations.

"We will always live within our means and, with a sound commercial approach and the run of the ball on the pitch, our aim is to make steady upward progress and bring success to The Valley."

Slater takes over as chairman with the club third in League One, only trailing second-placed Sheffield Wednesday on goal difference and leaders Brighton by four points after the two sides battled out a 1-1 draw at the Withdean Stadium on Wednesday.

The Addicks, relegated from the Championship at the end of the 2008/09 campaign, are currently in their second season in the division after losing out to Swindon in the play-offs in May.

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see also
Varney confident of Charlton deal
29 Dec 10 |  Charlton
Charlton accept takeover approach
02 Dec 10 |  Charlton
Charlton reject takeover attempt
08 Nov 10 |  Charlton
Ridsdale denies Charlton bid talk
07 Nov 10 |  Charlton
Murray takes control of Charlton
28 Jul 10 |  Charlton
Varney to continue Charlton role
23 Feb 10 |  Charlton

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