Following a fantastic start to the League One campaign seven members of the Charlton board: Derek Chappell, Sir Maurice Hatter, Richard Murray, Robert Whitehand, David Sumners, David White and David Hughes have invested a total of £7 million pounds into the club to ensure financial security for the rest of the 2009/10 season.
The move, which sees Richard Murray named as plc Chairman will involve the restructuring of the executive boards of Charlton Athletic plc, Charlton Athletic Football Company Limited and Charlton Athletic Holdings Ltd to merge with the business of the Charlton Athletic Group and see the plc board assume total responsibility.
Steve Waggott will now be in charge of everything to do with playing squad issues and budgets as Chief Executive.
Robert Whitehead will remain as Deputy Chairman of the plc with Chappell, Sir Maurice, Sumners, White and Hughes all serving as plc directors.
A number of directors: Roger Alwen, Richard Collins, Gideon Franklin, Michael Grade, Martin Simons, Michael Stevens and Derek Ufton have all agreed to resign from their positions as directors, and have all been names as vice presidents of the club in thanks for their outstanding contribution to Charlton.
Also, current associate directors Clifford Benford, John Humphreys, Andrew Murray, Hannah Murray, James Murray, Diran Kazandjian, Keith Peacock, Paul Statham and Steven Ward have also been named as vice presidents of the club.
Company secretary Stuart Butler-Gallie has accepted an invitation to join the new board as the independent non-executive director.
Former plc Chairman Derek Chappell spoke of Monday’s announcement saying, "We have been working extremely hard in recent months to attract new investment into the club, and indeed have made progress with a number of interested parties only for that interest to fail to result in any tangible benefit. Attracting new investment into the club continues to be our primary objective.”
"I am conscious that there has been a degree of frustration among supporters at the lack of information we have been able to provide over the summer period on a range of issues, but legal and corporate obligations have restricted what we have been able to say.
"I hope that by retaining our key players, and indeed adding to the squad during the recent transfer window, we have once again demonstrated our commitment to the club, both as supporters and investors.
"After such an outstanding start to the season, it was essential that we brought stability to the club's finances and removed the need for player sales, and the action we have taken will achieve both objectives and hopefully provide the platform for us to make an immediate return to the Championship.”
"As there is now effectively only one board managing the club's affairs, I have decided to step down as plc chairman out of respect to Richard, whom the board has unanimously appointed as the new plc chairman, and this change has my full support.
"I would like to thank all of my fellow investors, who once again have made finance available to the club when it most needs it. I also thank all those plc and football company directors who are standing down for their immense contribution to the club over a long period of time, and it is fitting that this contribution has been recognised through their appointment as vice presidents of the club.
"The action we have taken today has brought much needed stability to the football club, and has allowed us time to attract the level of investment we all believe is necessary to bring future success to our great football club.”
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