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Chairman on Investment
Chairman on Investment
Wednesday, 13th Jun 2007 09:47

Town chairman David Sheepshanks says the Blues are continuing their search for new investors. The club, £36 million in debt, have long been looking to improve their financial position and increase Jim Magilton's chances of leading his side to promotion.

Sheepshanks said: “Next season, four Championship sides will have £10 million more to spend on player budgets than us.

“This is why we are working so hard to improve our financial position and attract new investment.

“With the progress made by manager Jim Magilton last season, with 23 points out of the final 36 and the additions he will be making to his squad, I am sure we will be competitive and be in the top part of the table.”

TWTD understands that Town's financial restructuring has two parts. Achieving an agreement with Morley Fund Management regarding the write-down of the £28 million owed on the bond which paid for the building of the new stands and then the securing of new investment.

It is our understanding that an arrangement to radically reduce the debt owed to Morley to below £10 million has been agreed on the proviso that new investment is brought in and that talks with potential investors have been ongoing for several months.

Meanwhile, one morning tabloid reports that West Ham will pay Charlton a fee of £18 million including Hayden Mullins and Marlon Harewood for Darren Bent. This would see the Blues gain £3.08 million from their 20%-of-profit sell-on clause.

However, previous reports have suggested that Charlton would prefer to receive the entire fee in cash and are not interested in either Mullins or former Town loanee Harewood.

Elsewhere, Spurs and Liverpool are also said to be very keen on Bent, while Charlton chief executive Peter Varney says his club have set their sights on a figure for Bent's services: "We know what price we want for Darren but we're not making that public. If we get it that is fine, but if not he will be staying with us next season."

Previous reports have indicated that the Addicks want £15 million in cash for the England striker. Bent returns from holiday at the end of the week.

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