New owners take over at The Valley

Charlton have been taken over by businessmen Michael Slater and Tony Jimenez.

The club, currently third in League One, have been searching for new investment since they were relegated from the Premier League in 2007.

Lawyer and businessman Slater becomes the club's new chairman and Jimenez, who was briefly vice-president (player recruitment) at Newcastle, will be on the board with outgoing chairman Richard Murray and former chief executive Peter Varney.

The cost of the buy-out has not been disclosed.