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By ESPN Staff

Charlton takeover completed

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

The Addicks, 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 briefly held the post of vice-president (player recruitment) at Newcastle, will be on the board along with outgoing chairman Richard Murray and former chief executive Peter Varney.

"We are delighted to have taken control of Charlton,'' Slater, 44, told the club's official website. "The club has a long and proud history and has an incredibly loyal fanbase.

"I'd like to pay tribute to Richard Murray, who took on a huge financial responsibility last summer when he saved the club from almost certain administration while he sought new investment.

"Today's acquisition brings much-needed financial stability to the club. Our plan is to run the club on a sensible financial footing and develop a commercial plan to ensure we make progress on and off the pitch to meet the expectation of the fans. What we won't do is create unrealistic pie-in-the-sky expectations.''

Jimenez, 48, had previously been linked with a takeover at The Valley with his close friend Dennis Wise, whom he also worked alongside at Newcastle. The cost of the buy-out has not been disclosed.

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