Christmas has come and gone, but for Neil Warnock, with sides self-destructing around him, the festivities began a long time ago and show no signs of letting up. Sheffield United were tipped by most bookies and pundits for a swift return to the Championship, along with fellow promoted clubs Watford and Reading.

There was a clear lack of class and Premiership experience in the squads of all three clubs, and though it seems that Watford’s fate is already sealed, Reading look comfortable in 9^th place, and a Sheffield United side that has no real outstanding players has started the year a full 5 points clear of the drop zone.

Warnock, United’s fiery manager, can barely believe his good fortune, but you can’t help wondering if things might not have been so different if football in East London had not imploded so dramatically in 2006.

Rewind a few months. Charlton, under the stewardship of long-serving manager Alan Curbishley, find themselves in the bottom half of the Premiership table. A section of Charlton fans, accustomed to seeing their side finish mid-table, and who perhaps dream of seeing their team playing a UEFA cup qualifier against Vitesse Arnhem start to grow restless. The board, until now lauded as one of the most prudent in the Premiership, decide to contrive to rid themselves of Curbishley.

His replacement is Ian Dowie, who had taken a spirited Crystal Palace side up from the Championship and then down again. He spends £12m. After a poor start to the season he is sacked. His successor is Les Reed, a member of the backroom staff, but a man with no experience of management.

A little further north, meanwhile, West Ham are flying high in the Premiership. They are on their way to the FA Cup final, a game they would have won were it not for the genius of the country’s outstanding footballer, Steven Gerrard. Alan Pardew is the manager of the moment. His group of talented young English players are the envy of most of the nation. Great things are expected of West Ham.

Then, on transfer deadline day, the club has a moment of madness, signing up to Kia Joorabchien’s hair-brained scheme whereby the club signs two Argentinean World Cup megastars for free. Too good to be true? You bet.

The Reo-Coker/Mullins central midfield was arguably the best in the country outside the top four in 2005-6, but experiments to incorporate Mascherano into it fail spectacularly. Ashton’s injury is a blow, but Tevez’s arrival seems to throw the form of Harewood to the dogs. At the back, the promising pairing of Gabbidon and Ferdinand the younger starts to look decidedly shaky. Exit Pardew in another moment of madness. Time to put blind faith in Curbs.

Eggert Magnusson, the Icelandic owner of West Ham, can at least claim that he is new to the game. The Charlton directors - an older, wiser bunch, really should have known better. Just as Ferguson has been given leeway at Man Utd, so should have Charlton with Curbs. Now they risk losing everything they had built up so carefully and skilfully at The Valley; and they have lost a manger who made staying up into an art.

Moments of folly blighted these two clubs in 2006, and even the two mangers – Pardew the maverick, Curbishley, the wily old fox - face a monumental challenge to keep their demoralised squads motivated for the rocky times ahead.

West Ham have the most to lose. If they go down, expect a fire sale – the likes of Reo-Coker and Ashton already have many a suitor. Charlton will lose their jewel in the crown Darren Bent, but will be at least well-compensated for him.

As well-supported and immensely likeable clubs Charlton and West Ham are, they are only too aware the rest of the footballing nation is laughing at them. At least in Pardew and Curbishley, the two sides have managers who stand at least a realistic chance of taking the clubs straight back up.

Pantomime season has been and gone, but the farce continues in East London. While most neutrals will take pity on these underdog teams, Warnock is hoping they keep the show going until May.