Minority investors in football clubs tend to be fans rather than serious profit-seekers, and with good reason. Only rarely have such forays onto the soccer pitch worked in recent years. JP McManus and John Magnier’s backing of Manchester United prior to its recent takeover by Malcolm Glazer stands out as a profitable exception.

At fellow Premiership club Charlton Athletic a recent change of ownership has been organised by the directors on rather bizarre commercial terms. The South London club, chaired by local electronics magnate Richard Murray, has recently managed to place 9.2 million shares at 60p a share to raise £5.5 million.

Charlton’s shares stood at 27p the day before the placing, meaning the fundraising was done at a 122 per cent premium to the club’s market value. Even after the announcement of this generous move, the shares only rose 5p to 32p.

Obviously, the directors and new backer Derek Chappell have higher hopes for the team, which came eleventh in the Premiership last season, following this cash injection. Following the deal, the club, which celebrates its centenary this year, is worth just £20.2 million.