THE grim financial implications of Charlton's relegation from the Premiership hit home after the board sanctioned cuts of £16million.

The club declined to disclose the amount of redundancies involved as administration and commercial staff braced themselves for the cull. Chief executive Peter Varney was speaking individually to those affected.

Providing the club can make an immediate return to the top flight, those who have lost their jobs will be offered an opportunity to return to the Valley for the start of the 2008-09 season.

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