Charlton Athletic owner Thomas Sandgaard has admitted that he expects to lose £20million in his first season in charge of the League One side.
Sandgaard completed his takeover of the club back in September, and is having to spend a considerable amount on legal fees for a dispute with businessman Paul Elliott, who still claims that he is the owner of Charlton.
Charlton have started this year’s campaign strongly in League One under the management of Lee Bowyer, with the Addicks currently sat fourth in the third-tier standings.
But the off-the-field uncertainty involving supporters’ attendances at matches across the EFL continues, with no set return date put in place by the Government at this stage.
Speaking in an interview with BBC Sport, Sangaard made the eye-opening revelation that will see him lose a considerable amount of money in his first year in charge of the club.
The Addicks owner labelled the situation that the club are in as ‘very difficult’, whilst also highlighting the potential that the club has at this moment in time.
“It is rough. I stand to lose probably close to £20m this year.
“I believe it will be worth it because there is so much potential at a club like Charlton, but this is a very difficult situation all the EFL clubs are in right now.
“For some it might even be devastating and they might have to restructure. We will see how it all shapes out at the end of the season but it is definitely not great.”
Sangaard did reveal that he’ll look to sign new players in the January transfer window though, as they look to push for a swift return into the Championship this term.
He also made the bold claim in saying that he’s keen to see Charlton playing European football in as little as eight years.
“We might do a few more improvements in January and I would anticipate as a minimum that would put us into a play-off position.
“In parallel I have already started the foundation of building the football side, getting the structures in place to be a Premier League club.
“Our long-term goal is to start playing European football. In a best-case scenario we might be as little as eight years out from being one of the top clubs in England and consistently playing in Europe.”
Charlton are set to return to action from the international break this weekend, when they take on Gillingham, in a match they’ll be quietly confident of picking up three points from.
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This will be slightly worrying.
The off-the-field crisis is clearly having an impact on a number of clubs, and I really wouldn’t be surprised if clubs are to voice their concerns over a lack of finances moving forwards whilst fans still aren’t in stadiums.
Saangard’s reported losses this season are eye-opening for the neutral, but it seems as though he is keen to take the club forward in the right direction as the seasons progress.
I really do think the Addicks will win promotion this season, but to say they could be playing European football in as little as eight years is somewhat of a risky move by Sangaard.