Carlisle United have been cleared of alleged business irregularities by a Football Association (FA) investigation lasting more than two years.

A statement from the FA on Thursday said that its inquiry had now been concluded and that no charges would be brought.

The FA's financial advisory and compliance unit arrived at Brunton Park in May 2000.

Its inquiry addressed issues raised in relation to the possible involvement of Michael Knighton in the management of the club's affairs after his disqualification as a director by the Department of Trade and Industry.

Knighton, who owns a 93% shareholding in the club, said: "I am just very pleased that the whole saga is over."

Michael Kennedy, a partner in Wacks Caller, the club's legal representatives, added: "I am delighted that this drawn-out investigation has now come to a satisfactory conclusion.

"Both myself, the club's directors and Michael Knighton have been dismayed by the false and often malicious allegations made against the club and its owner which appear to have been misconceived from the outset."