Zabeel pulls out of deal to buy Charlton Athletic

CHARLTON BID: Zabeel Investments has pulled out of its proposed takeover of Charlton Athletic.

Dubai-based Zabeel Investments pulled out of their proposed takeover of English football club Charlton Athletic on Thursday.

In a statement posted on the Championship club's website, the board of Charlton Athletic said Zabeel had informed club chiefs that the company was focusing on domestic opportunities in Dubai rather than abroad.

This, combined with the current debate around foreign ownership of football clubs and the worsening economic climate in the UK, contributed to the decision by Zabeel to pull out, the statement added.

Zabeel Investments has made it clear to Charlton that this decision was not made as a result of any discoveries during the due diligence process.

Zabeel has also confirmed to Charlton that it has not approached any other club since it made an indicative offer for Charlton on October 10 and has no current intention to acquire any English football club for the foreseeable future.

A Zabeel spokesman said: "Zabeel Investments has the highest regard for both the supporters of Charlton and the way in which Charlton is managed, and wishes the team every success in its quest for promotion this season and moving forward.”

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READERS' COMMENTS

Right decision!!
Posted by SR, Dubai on Thursday 23 October 2008 at 13:35 UAE time


I think this is the right decision. However, I dont understand the reasoning, because there isn't that much of a difference in UKs economic situation now vis-a-vis 02-03 weeks ago!!!

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