Exclusive: Charlton director outlines financial position – with no wage issues for August

Marian Mihail has outlined Charlton Athletic’s financial position – and made clear that they have the money to pay the wages for August.

The Addicks director also says that East Street Investments are working on a plan to ensure that the following two months are also not an issue – even if a takeover does not happen.

Danish businessman Thomas Sandgaard is in advanced negotiations to buy the League One club.

But completion of any deal will not be able to happen until Paul Elliott’s attempts to obtain an injunction – blocking ESI selling to anyone else – is heard in court.

There had been fears that Charlton could be on the verge of administration. But Mihail told the South London Press that there is no imminent threat.

He said: “Insolvency means you have more liabilities than receivables. Liquidity means you have receivables but don’t have them yet. Sometimes this is what has happened to Charlton since we took over.

“We managed to pull through every month.

“We will pull through August and we’re working on securing September and October as well – without outside money.

“ If the club is looking for a new owner then what better opportunity then to show that it’s still a viable business than be demonstrating it practically – that it can still sustain itself.”

Charlton have had interest in goalkeeper Dillon Phillips and left-sided attacker Alfie Doughty, but the message has been so far that there is no need to sell.

Mihail said: “The final decision on selling players belongs in conjunction with Steve, Lee and us. We don’t micro-manage them.”

PICTURE: KEITH GILLARD