An update from Harbour Master Captain David Barker said: "My team have just met to review the search and rescue operation which has been underway since the plane disappeared on Monday night.
"Despite the best efforts of air and search assets from the Channel Islands, UK and France, which has covered an area of approximately 1,700sq. miles - with a significant amount of this searched more than once - and having examined mobile phone data and satellite imagery, we have been unable to find any trace of the aircraft, the pilot or the passenger.
"There has been over 24 hours of continuous searching, with 80 hours combined flying time across three planes and five helicopters. Two lifeboats have also been involved, as well as assistance from various passing ships and fishing boats.
"We reviewed all the information available to us, as well as knowing what emergency equipment was on board, and have taken the difficult decision to end the search.
"The chances of survival at this stage are extremely remote.
A tribute for Sala and Ibbotson outside Cardiff City Football Club. Credit: PA
"Next of kin have been informed of this development, and my thoughts go out to the family of the pilot and passenger at this most difficult of times.
"This has been a very thorough and extensive search, co-ordinated from the Guernsey-based Joint Emergency Services Control Centre and has seen exemplary co-operation from all countries involved, for which I would like to extend my personal thanks.
"The final aircraft searching for the missing plane and those on board has now landed. Although we are no longer actively searching, the incident remains open and we will be broadcasting to all vessels and aircraft in the area to keep a look out for any trace of the aircraft. This will continue indefinitely.
"Unless there is a significant development, there will be no further updates."
28-year-old Argentine Sala had signed for Cardiff City on Saturday for a record £15 million. He was travelling from Nantes - where his previous club is based - to meet up with his new teammates in Wales.
The plane went missing near Casquets Lighthouse on Monday night, with the alarm raised at 8.23pm. Contact was lost while the plane was travelling at 2,300 feet.
Featured Image Credit: PA