That's the thing thst often gets overlooked (including by myself) when jokes are made about the Charlton game and many, many others. He was doing that to skim money off the club, and ultimately us as supporters, to line his own pockets. These were times when losing cash was much more straightforward, both domestically and internationally, than it is today. Cars, artwork, houses, villas abroad could be bought, or significantly contributed towards, with large sums of cash - back then, my dad used to pay mine and my brother’s school fees in cash ffs - can you imagine that happening today?!
Who knows where the money went, but I’m sure there will have been plenty of it and it will have acquired assets whose provenance will now be impossible to establish with any certainty.
So you are correct: he stole off the club and I’m happy to add ‘embezzler‘ to to the previous post!