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Charlton 2 Wolves 3
Charlton's fast-fading promotion play-off prospects were virtually eclipsed as rivals Wolves struck the winner in the final of four minutes of stoppage time to climax an astonishing finale at The Valley on Saturday.
Leroy Lita's 90th minute goal - his first for Charlton - looked set to earn them a precious point. But with seconds remaining, Wolves substitute Kevin Kyle crossed for skipper Karl Henry to slide in the winner.
"That result is difficult to take," said manager Alan Pardew.
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"We had an uncomfortable first half but we improved after the break. But we have suffered from a season of inconsistency and that was reflected in our performance today.
"I would have taken the draw after Leroy Lita equalised but Wolves had other ideas. Now it looks very difficult for us to make the play-offs."
Wolves striker Sylvan Ebanks-Blake, who terrorised the Addicks earlier in the season playing for former club Plymouth at The Valley, was the architect of their downfall.
He gave Wolves a 15th-minute lead with a well placed shot after Greg Halford slipped to let him in.
The right-back made amends in the 31st minute when he turned in a cross from Jerome Thomas.
Henry missed a 43rd minute sitter after an Ebanks-Blake shot had struck a post before Charlton rallied strongly in the second half with Wolves goalkeeper Wayne Hennessey denying Halford and Lita.
With Charlton on top, Wolves scored against the run of play in the 81st minute when Ebanks-Blake skipped past Patrick McCarthy and beat goalkeeper Nicky Weaver for one of the goals of the season.
Lita, on loan from Reading, headed home Sam Sodje's deep cross from the right to equalise before Charlton lost concentration at the back and Henry had the final word.
Charlton: Weaver; Halford, Sodje, McCarthy, Thatcher; Ambrose (Zheng 46), Semedo (Varney 83), Holland, Thomas (Cook 64); Iwelumo, Lita.
Subs not used: Elliott, Gray.
Attendance: 23,187.