Charlton Athletic are on the brink of administration, according to press reports.

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Debts of up to £40 million have put off a group of local businessmen, who were in talks over a £30m buyout, according to the Mail on Sunday.

"The club are going through a slow, painful death," a source close to the bid told the newspaper.

"In strict business terms, a club with 10 fewer points, but millions of pounds less debt would be a far more attractive proposition."

Charlton were relegated to League One only two seasons after a six-year spell in the Premier League.