CHARLTON'S proposed face-lift for The Valley has been priced at £19m, chief executive Peter Varney has disclosed.

Work on the South Stand will cost an estimated £12m with between five and £7m being spent on the East Stand. Once both projects are completed the ground's capacity will increase from just under 27,000 to 40,600.

The club has lodged a planning brief with Greenwich Council and it has been favourably received.

Providing there are no hitches, building work will start towards the end of next season. Funding will be found from grants with the club probably increasing their mortgage.

Mr Varney said: "There is a buzz about the place because so much is going on, on and off the field.

"We are constantly talking to council officers and the East Stand application will be submitted next month. Once we get consent it will be a question of the best time to undertake the work.

"The expansion of the East Upper will take the capacity to over 30,000 and then the South Stand will take it to 40,000. But it will go to 37,000 first.

"The third tier on the South Stand will be exactly the same as that at Old Trafford."

Charlton are in no doubt they can fill the ground once the capacity is increased. The club is looking to recruit new fans throughout the Kent heartland of its support while exploiting the anticipated population in the Thames Gateway.

Mr Varney added: "People may wonder how we will get that number of extra fans but over the next 10 years there are 50,000 new homes planned for Greenwich and that is without the Thames Gateway Development.

"When we built the new North Stand we sold an extra 6,000 seats straight away, so we have proved we can do it.

On the subject of funding, he explained: "We have the lowest debt in the Premier League. Our mortgage on the North Stand is about £2m a year. Next year it will be further reduced.

"We believe we can get grants and finance from other areas and then we will probably increase our mortgage.

“It is similar to what a home owner does when they are building an extension on their house. They put it on their mortgage rather than paying for it outright."

Meanwhile, in an effort to smooth the journey of supporters to The Valley on matchdays, the club has persuaded the Strategic Rail Authority to have more trains stopping at nearby Charlton Station.

Mr Varney described the agreement as a major plus. He said: "We met with the rail authority last Wednesday and following representation from us, they have said that all trains will stop at Charlton. This is a major plus for us."