Charlton Athletic have failed in their attempts to reach an agreement with manager Lee Bowyer over extending his contract.

Negotiations between Club and Manager have been on going for the past six-months but the Club has revealed on their website an agreement has not been reached.

Bowyer's stock is high after guiding The Addicks to the Championship on one of the smallest budgets in League One, and according to the Club's statement he wanted more than the one-year extension the Club were willing to offer him.

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The article, thought to be written by owner Roland Duchatelet,states that witht he Club up for sale, offering 'a multi-year extension would not be good business practice.'

In the statement, other Championship club owners are labelled 'crazy' for their high financial outlay despite suffering overall losses.

Duchatelet last week revealed he was handling negotiatons with Bowyer, who in turn had an agent representing him at the table, an 'unhealthy' situation which could've influenced dealings.

The statement also stated that no permanent manager will be named until the Club is sold and that 'If Lee does change his mind before his contract expires and chooses to continue his good work at Charlton, he is still welcome to stay.'

Find the full Club statement here.