Hard to know what to make of this, but it's a story that won't go away. Richard Murray is an honourable man and I do not believe he would mislead anyone intentionally. However, if we owe £6m and are unable to borrow more, then cash-flow becomes a major problem and you have to stay one step ahead which may mean realising assets to keep the club afloat. If we are unable to do this in a timely manner or our outgoings continue to outstrip revenues, then Administration becomes unavoidable.
News of a hardening attitude from Charlton's bankers is not new, so why are we worrying? The answer might be because we have revealed that we need to cut £10m-£13m from next year's expenses to breakeven. When you are struggling with £6m of debt, then it's hard to see how we are going to make the adjustments necessary without some significant new money. The fire-sale during the Summer saw the most saleable players sold, and we are now looking at the bottom of the barrel and they aren't going to recoup anything like the sums we need to avoid adding to our overall level of debt. So, unless the Directors have a viable plan to manage the ongoing debt, the Administration is only a matter of time. The issue then is all about timing and if it's going to happen in the next 12 months, then it would be best before 25th March when we can take the points penalty during this relegation season.
It would also mark the final fall from grace in this catastrophic season which has promised so much (pre-season, Zabeel etc) and has seen just about everything that could go wrong, do so spectacularly.