Charlton have insisted they will not be hit financially despite their main club sponsor going bust.

Spanish property company Llanera, who signed a lucrative four-and-a-half year sponsorship deal with Charlton in December 2005, have filed for bankruptcy after running up debts of around 750million euros.

But the Addicks have already received payment for this season and will now look for a new sponsor ahead of next term.

"It appears that Llanera have been unable to reach an agreement with their bankers on a refinancing deal," chief executive Peter Varney told the club's official website.

"The total debt seems to be around 750million euros, and two banks in particular look likely to suffer significant losses.

"But our agreement was structured in a way that means we will not incur any losses in the current financial year."