Struggling Premier League club Charlton Athletic reported an operating loss of £4.6m in its latest annual financial report principally due to increased salaries.
The £4.6m loss for the 12 months to the end of June 2006 was a substantial downturn from the £4.7 operating profit the club recorded in 2005.
The loss of Charlton’s shirt sponsorship deal with now defunct sports retailer all:sports also had a significant impact on the club’s bottom line.
Although the financial results represent a growing concern for the club, particularly in light of the impending threat of relegation from the top flight, Charlton’s turnover did rise to £41.9m from £40.7m in the previous 12 months.
Charlton chairman Richard Murray preferred to highlight the positives, stressing the importance of the extension of The Valley stadium, and the increase in the current season-ticket numbers.