Charlton came close to administration last season, according to vice-chairman Peter Varney.
The Addicks were taken over on December 31 2010 by new chairman Michael Slater and fellow businessman Tony Jimenez, forming a new-look board alongside Varney, Richard Murray and Stephen Kavanagh.
And Varney has revealed that prior to the completion of the deal, the club's financial situation was so dire that it would have ultimately cost them their place in League One - despite occupying third spot when the takeover was completed. Varney told BBC Radio Kent: "There would have been a 10-point deduction."
He added: "We wouldn't have stayed up, we wouldn't have got (Bradley) Wright-Phillips, players would have left and we would be in League Two.
"People might get their calculators out, take 10 points off and say 'We would have been alright', but we wouldn't."
Charlton finished 12 points above the relegation zone last season.
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