A group of Charlton supporters are planning a protest against the club’s owner, Roland Duchâtelet, after their Championship game against Nottingham Forest at the Valley on Saturday.

Charlton sit second-bottom, without a win in seven games, and have won just twice in their last 20 fixtures. A permanent replacement for the former manager Guy Luzon, sacked in October after a poor run of form, still has not been appointed, with his former assistant Karel Fraeye in charge on an “interim” basis ever since.

Fans of the south London club are upset with the way Duchâtelet has run Charlton since arriving in January 2014, in which time he has dismissed four managers, including the club hero Chris Powell. Key players have been sold without significant replacements, with the team overly reliant on youngsters brought through from the club’s academy and players from Duchâtelet’s network of clubs across Europe.

The fanzine Voice of the Valley – has urged fans to protest at the Forest game in the hope that Duchâtelet will change his approach, or consider either selling the club or accepting outside investment.

Duchâtelet and the chief executive, Katrien Meire, who angered fans by mocking their objections to the running of the club recently, have also declined to enter into dialogue with the former chief executive Peter Varney, who has shown an interest in helping the club.

“Back in August I was in a position to introduce an investor to Charlton with a deal that would, I believe, have been good for the current owner, and good for the club,” wrote Varney in the latest edition of Voice of the Valley, which was founded in 1988. “Roland Duchâtelet is a wealthy man. He has the ability to fund a progression of the club on and off the pitch, and he has already done some good things at the Valley and the training ground.

“It is an inescapable fact, however, that it is the performances on the pitch which define the level and mood of supporters. The owner will one day come to realise how his asset is being depreciated day by day. With a £7m reduction in income staring him in the face should relegation happen, he will need to have a good business plan going forward.”

The outlook for Charlton is bleak, as in addition to their lowly league position they are likely to sell some of their better players in January, including the forward Tony Watt, who has been on loan at Cardiff City.