Sport | Football
Zabeel pulls out of deal to buy Charlton Athletic
Dubai-based investment group Zabeel Investements has cited the current debate over foreign ownership of football clubs and the worsening economic climate in the UK as the reasons for their decision to pull out of a deal to buy English First Division club Charlton Athletic.
- Staff Report
- Published: 13:48 October 23, 2008
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Dubai: Dubai-based investment group Zabeel Investements has cited the current debate over foreign ownership of football clubs and the worsening economic climate in the UK as the reasons for their decision to pull out of a deal to buy English First Division club Charlton Athletic.
A press release issued by the company yesterday said they had informed Charlton of their decision not to proceed with the takeover.
It also said their focus would switch to domestic opportunities in Dubai that complement the current Zabeel Investments portfolio.
The Dubai group has made it clear to Charlton that the decision was not made as a result of any discoveries during the due diligence process.
The news will come as a hammer blow to Charlton, who are reported to be £20million in the red.
Zabeel Investments said it had no current intention to acquire any English football club for the foreseeable future.
However, speculation is mounting in the English media that the Dubai-based group have turned their attentions to Permier League club Everton.
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