League 1 promotion hopefuls Charlton Athletic have been taken over by businessmen Michael Slater and Tony Jimenez.

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

Former Charlton managing director Stephen Kavanagh becomes chief executive and will continue to be responsible for the day-to-day running of the club.

The Addicks have been searching for new investment since they were relegated from the Premier League in 2007.

Mr Slater told the club's official website: "We are delighted to have taken control of Charlton. 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."

Mr Slater said that the acquisition would bring much-needed financial stability to the club.

He added: "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."

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