Defeat to Spurs ended Charlton's seven-year Premiership stay

Monday's defeat by Tottenham ended Charlton's seven-year stay in the Premiership after a season of managerial upheaval.

Varney told BBC Five Live: "Any club that had three managers in a season, after one for 15 years, would have to admit that must have played a part.

"Therefore I, and others, are culpable in that."

Charlton began the season with Iain Dowie in charge after Alan Curbishley stepped down following a 15-year spell at the club.

Dowie was sacked after just 12 league games and replaced by Les Reed, who was at the helm for just 41 days before Alan Pardew took over.

As soon as Charlton's relegation was confirmed, rumours began circulating about England striker Darren Bent's future - and Varney said the club had to be realistic about their chances of holding onto him.

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"If a player is an England international and is told by his manager that playing in the Championship will affect his chances at that level, that is a factor," said Varney.

"If someone comes in and offers him four or five times the wages he's earning, that's a factor.

"We have to be realistic about it because it's a complicated scenario.

"We also need to make our budget balance - but that doesn't necessarily mean the obvious: that Darren Bent will be sold."