Charlton plc chairman Richard Murray has called for the introduction of a Premier League, Division 2 to combat the widening gulf between the top flight and the Football League.

Presenting the annual report and accounts to shareholders for the year ended June 30, 2007, Mr Murray reported a fall in turnover of £35.9 million caused by the reduction in the Premier League merit award plus lower matchday revenues and a reduction in cup revenues.

Overall, reciepts from the Premier League broadcast contracts and other central commercial activities plus sponsorships, fell by nearly 14 per cent.

Season ticket sales were lower for 2006-07 with 17,188 holders at the end of the campaign _ a fall of eight per cent over the previous season.

“In my view, the time has come for the introduction of a two-tier top structure in this country,” said Mr Murray.

“A structure whereby television revenues are more evenly distributed and where relegation from the Premier League does not ultimately end up putting the very future of a club at risk.

“I believe there is a real dilemma for promoted clubs in determining the level of investment to be made in attempting to retain Premier League status.”

Mr Murray emphasised that the board backed former manager Iain Dowie by making a £12 million investment in the first team squad during the summer of 2006.

This enabled the club to purchase Souleyman Diawara, Amdy Faye, Andy Reid, Djimi Traore and cost associated with loan players.

At the time, no significant sums had been received for players leaving the club.

Further investment was made during the January, 2007 transfer window to sign Madjid Bougherra and Ben Thatcher while Traore was sold to Portsmouth.

At that stage, the company’s transfer costs had reached in excess of £15 million while receipts amounted to £2 million.

Following relegation, the company started rebuilding the squad to give the football club the opportunity to challenge for promotion and £3 million was spent on Luke Varney and Patrick McCarthy.

The accounts record a total of £18.6 million committed to player investment.

Mr Murray confirmed that in the summer of 2006 it was decided to further support the drive to retain Premier League status by maintaining the previous season’s level of player payroll cost.

Darren Bent’s sale to Tottenham at the end of June, 2007 raised a net fee of £12.9 million after accounting for a contractural profit share with Ipswich Town.

The agreement with Tottenham allowed for payments to be made in a number of instalments, the first of which was received in July, 2007 and is not included in the current set of accounts.

Total revenues from players sold within the 12 month period were £14.9 million after net fees due to Ipswich, generating a profit of £11.3 million.

Mr Murray added: “The expenditure on squad development and overheads during the year, when combined with the loss of revenues in the period, put pressure on the Company’s working capital.”

And he disclosed: “Consequently, Derek Chappell, Sir Maurice Hatter, David Sumners, Bob Whitehand and myself made available loan facilities to the company of which £6 million had been drawn down by June 30, 2007 and subsequently a further £3 million has been drawn down.

He described season ticket sales, despite the club’s relegation, as “extremely encouraging” with the majority of fans deciding to renew before the club’s league status had been known.

Mr Murray praised the continuing success of the Valley Express coach service which provides subsidised match travell for Kent based supporters.

He added: “I strongly believe that this service is helping us maintain and develop our support base throughout Kent.”