We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Sat 11 Oct 2008 06:56 AM

Font Size

- Aa +

Zabeel makes initial move to buy Charlton Athletic

Dubai investors target Championship side in latest Gulf swoop for English football club.

Charlton Athletic could become the latest English club to have foreign owners after receiving an indicative offer from a group of Dubai-based investors.

The London-based club, who currently lie 14th in the Championship having been relegated from the Premier League in 2007, are the subject of an offer from Zabeel Investments, who were recently linked with buying Newcastle.

In a statement on the club website, the board announced that it has received an indicative cash offer from Zabeel Investments and that the indicative offer was subject to a number of preconditions, including due diligence.

But board chiefs added that the offer was at a level that, should it be made formally to shareholders, the board would recommend shareholders to accept it.

Derek Chappell, chairman of the company and Richard Murray, chairman of CAFC, said in a statement posted on the club's website: "The board firmly believes that a successful outcome for this transaction would be beneficial to shareholders and employees of Charlton, all fans of the club and the local community as a whole.”

Mohammed Al Hashimi, executive chairman, Zabeel Investments, added: "We feel now is the right time to make a strategic, long term investment in Charlton and get CAFC back to the English Premier League where they belong.

"The passion of the fans at Charlton, the heritage of the Club and the unique status it enjoys in the community make it an exciting proposition for us.”

Zabeel Investments said it had been looking at the opportunity to invest in a leading English football club and had been monitoring the situation at Charlton Athletic Football Club closely.

In spite of being approached by various English football clubs, as well as a number of well-known clubs in Europe and South America, Zabeel Investments believes Charlton is the right club for them.

The board said it would keep the shareholders, fans and employees updated with any further developments.

Charlton currently play in the English Championship, one division down from the Premier League which features Manchester City, taken over last month by an Abu Dhabi-based group of investors.

Arabian Business: why we're going behind a paywall

For all the latest sports news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.