Defoe nets Charlton £700,000

Charlton hope to receive around £700,000 following youth product Jermain Defoe's transfer to Tottenham.

The club were awarded £1.4million in compensation by a Football Association tribunal when Defoe moved to West Ham in 1999 and are entitled to 15 per cent of his sell-on value above that figure.

Tottenham paid £7m for the striker and Charlton are still waiting to hear from the Premier League about how much they will receive.

Chief executive Peter Varney said: "It's impossible to know how much we'll get because we have not seen how the transfer is structured. We expect to have a figure in the next couple of days."

All the money from the Defoe transfer will be given to Alan Curbishley to buy players, along with the £10m received following the sale of Scott Parker.

Varney is confident that Curbishley will get good value for money in a depreciating transfer market.