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Page last updated at 10:10 GMT, Thursday, 23 October 2008 11:10 UK

Dubai group abandons Charlton bid

Charlton

Charlton have confirmed a Dubai-based consortium has pulled out of a bid to buy the Championship club.

Zabeel Investments, which had also been linked to Newcastle, made an indicative offer for the club earlier this month.

A statement from the club said the group had decided to focus on domestic investment opportunities instead.

"This, the debate over foreign ownership of clubs and the worsening UK economic climate contributed to their decision to pull out," it said.

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The investment group insisted it had not found anything during the due diligence programme which had caused it to abandon its interest in the club, and it was a decision made on purely economic grounds.

It also denied rumours it was considering a move for Everton and said it was in fact now not looking to invest in any English club.

"Contrary to recent press reports, Zabeel Investments has confirmed to Charlton that it has not approached any other club since it made an indicative offer for Charlton Athletic on 10 October, nor has it authorised any approach on its behalf," said the statement.

The news will be a big blow to the Addicks, who have reported debts of 20m.

The club are in the final year of their parachute payments following relegation from the Premier League in 2007, and after Tuesday's home loss to Bristol City they dropped to 20th in the table.

Charlton boss Alan Pardew told BBC Radio Five Live: "With the credit crisis the deal was always in danger.

"For us as a playing staff and management we have to move on quickly and discuss with the board how we can take the club forward."



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see also
Group eyes 50m Charlton takeover
08 May 07 |  Charlton
Charlton call off takeover talks
13 Feb 08 |  Charlton


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