Charlton Athletic Enter Advanced Takeover Talks

Charlton Athletic are close to an agreement with a multimillion pound British property company over the sale of the club, according to local press.

The takeover figure is unknown and unlikely to be announced during the negotiations but sources close to the Championship club have revealed that an investment company is on the brink of taking full control of the club.

It is understood that representatives of the company have visited the Addicks' facilities, including The Valley and Sparrows Lane training ground, this week and concluded their due diligence.

The club, who are currently 19th in the Championship after 14 games, were relegated from the Premier League in 2007 and subsequently bought in 2010 for an undisclosed amount by businessmen Michael Slater and Tony Jimenez, who briefly held the position of vice-president at Newcastle United.

Slater, who is thought to remain on the club's board for a three-month handover period when the takeover completes, said: "I am unable to comment on this matter."

One of the attractions for investment in the south east London club is its relatively low level of debt, just £4m as opposed to the £7m owed when Slater and Jimenez took over.

Around £7m is still owed to former directors, included ex-chairman Richard Murray, but this is only payable when the club returns to the top flight.

The club have had a mixed start to the season, with manager Chris Powell working on a shoe-string budget in the transfer window and having to release players such as Ricardo Fuller and Bradley Wright-Phillips to decrease the wage bill.

In their first season back in the second tier last term after winning promotion from League One, Charlton managed to finish three points off the playoffs despite having only the 17th highest budget in the league.

However, this is likely to change if the takeover deal is completed, with the new owners expected to offer Powell a more substantial transfer kitty over the next year.

The budget is expected to be used for loans in January and then concrete targets next summer when the club's Championship status is known.

Charlton are no stranger to takeover attempts. Peter Varney, their former chief executive, headed a consortium to buy the club in 2008, Dubai-based Zabeel Investments were close to striking a deal for the club in 2008 and a Russian group of investors were rumoured to be interested in the club in January.

A family club at heart with a strong academy structure, Charlton offers other investment opportunities to potential suitors due to its location in near the O2 Arena and the Emirates Air Line Cable Car, with transport links into central London and Crossrail scheduled to be completed by 2018 in the surrounding area.

No one at the club was available for comment on Thursday.