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Page last updated at 10:24 GMT, Thursday, 16 April 2009 11:24 UK

Charlton sell training facilities

Charlton Athletic
Charlton are restructuring in an attempt to secure finances

Charlton have sold their training ground to the club's directors in an attempt to inject money into the club.

The deal for £1.5m sees three sites used for training sold to chairman Richard Murray and honorary life president Sir Maurice Hatter.

Murray told the club's official website: "It might look like asset-stripping is going on, but that certainly isn't the case."

Charlton are bottom of the Championship, 12 points from safety.

The sale of the club's training ground, the Community Trust's Charlton Park rugby ground and the youth academy's Pippenhall sports ground was approved by Charlton plc shareholders on Wednesday.

Murray's Alliance Trust Pensions Limited and Sir Maurice's registered charity, The Maurice Hatter Foundation, made the purchases.

"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.

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

"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."

A residential site owned by the club near to the Valley, Lansdowne Mews, has also been sold as part of the deal to Bob Whitehand.



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