Charlton's finances have been boosted by the news that seven directors have agreed to invest a total of £7m in the club to enable it to provide financial stability throughout the 2009/10 campaign.

Those directors participating in the investment include plc chairman Derek Chappell, club president and plc director Sir Maurice Hatter, football club chairman Richard Murray, deputy plc chairman Robert Whitehand, plc directors David Sumners and David White, and football company director David Hughes.

Significantly, the directors who had previously agreed to apply some of this investment to purchase the training grounds, have now agreed not to complete those purchases, and to leave those property assets in the Charlton Athletic Group as a measure of their commitment to the club, as well as putting in fresh money.

At the same time, there will be a reconstruction of the boards of Charlton Athletic plc, Charlton Athletic Football Company Limited and Charlton Athletic Holdings Ltd to streamline the operation of the business of the Charlton Athletic Group, with the plc board assuming total responsibility for the management of the club's affairs.

Chief executive Steve Waggott will assume full responsibility and accountability for all playing squad issues and budgets.

Mr Murray becomes chairman and Mr Whitehand deputy chairman of the plc board, and Chappell, Sir Maurice, Sumners, White and Hughes will serve as plc directors.

Roger Alwen, Richard Collins, Gideon Franklin, Michael Grade, Martin Simons, Michael Stevens and Derek Ufton have all agreed to resign their directorships, and have all been appointed as vice presidents of the club in recognition of their outstanding contribution to Charlton over many years.

At the same time, current associate directors Clifford Benford, John Humphreys, Andrew Murray, Hannah Murray, James Murray, Diran Kazandjian, Keith Peacock, Paul Statham and Steven Ward all become vice presidents of the club.

Company secretary and legal adviser Stuart Butler-Gallie has accepted an invitation to join the new board as the independent non-executive director.

Current plc chairman Mr Chappell (pictured) said: "We have been working extremely hard in recent months to attract new investment into the club, and indeed have made progress with a number of interested parties only for that interest to fail to result in any tangible benefit. Attracting new investment into the club continues to be our primary objective."

He continued: "I am conscious that there has been a degree of frustration among supporters at the lack of information we have been able to provide over the summer period on a range of issues, but legal and corporate obligations have restricted what we have been able to say.

"I hope that by retaining our key players, and indeed adding to the squad during the recent transfer window, we have once again demonstrated our commitment to the club, both as supporters and investors.

"After such an outstanding start to the season, it was essential that we brought stability to the club's finances and removed the need for player sales, and the action we have taken will achieve both objectives and hopefully provide the platform for us to make an immediate return to the Championship."

Mr Chappell added: "As there is now effectively only one board managing the club's affairs, I have decided to step down as plc chairman out of respect to Richard, whom the board has unanimously appointed as the new plc chairman, and this change has my full support.

"I would like to thank all of my fellow investors, who once again have made finance available to the club when it most needs it. I also thank all those plc and football company directors who are standing down for their immense contribution to the club over a long period of time, and it is fitting that this contribution has been recognised through their appointment as vice presidents of the club.

"The action we have taken today has brought much needed stability to the football club, and has allowed us time to attract the level of investment we all believe is necessary to bring future success to our great football club.”

Mr Murray said: "I am delighted that once again the key funders of the business have stepped forward to resolve the club's immediate financial requirements, and everyone involved deserves enormous credit.

"I am delighted to accept the plc board's invitation to become plc chairman, and I would like to thank Derek for all his work as plc chairman since he took on the role in January 2008 and for his support at this time.

"I would also like to thank all the retiring directors for their enormous contribution to the football club during what was, for many, one of the most successful periods in the club's history, and it is fitting that they and the existing associate directors have been honoured by the club in making them vice presidents."