Charlton were close to administration - Peter Varney

Charlton Athletic vice-chairman Peter Varney says the club came very close to entering administration last season.

Varney believes that prior to the club's takeover five months ago finances were so perilous the club would have been relegated.

He told BBC Radio Kent: "There would have been a 10-point deduction."

"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."

Michael Slater became the owner and controller of Charlton - alongside former Newcastle vice-president Tony Jimenez - at the start of 2011 when they formed CAFC Holdings Limited, the club's new parent company.

The club ended the season in 13th place in League One after being in contention for the play-offs prior to the takeover.

One of Slater's first acts as chairman was to replace manager Phil Parkinson with Chris Powell.

Slater has no regrets about the change, and feels the side are now more attractive to watch.

"Things are improving with Chris," he said.

"Fans are saying, regardless of results, we are playing better football. Once he has a squad he believes is his we are going to see a better standard of football and results will come.

"It's work in progress. I can see he needs to be supported to bring in the players he believes in - then he will be judged. So it's a big season for the new board and for Chris."

Despite their mid-table finish, Slater sees a bright future for Charlton, and aims to take them back to the top flight during his tenure.

"I would like to have at least one season as chairman of a Premier League club," he said.

"We can all dream, but it's not too out there to say we could easily achieve promotion this season, consolidate in the championship and within two or three years be pushing for promotion into the Premier League.

"I don't think that's left field at all."

But Slater does not see any pressure to win promotion this season despite the financial constraints of staying in League One.

"We certainly want to achieve promotion this season, but the club is not going to go out of business if it doesn't happen," he added.

"Clearly we are too big a club for this decision, it's not going to ruin the club if it doesn't but it is a big, big season for the club and a big, big season for Chris."