Zabeel Investments, the Dubai-based investment group, has decided against pursuing its takeover of Charlton Athletic.

The Championship club confirmed the news this morning, saying the group, who were also linked with a takeover of Newcastle United, would instead concentrate on domestic business opportunities.

Zabeel say they will not be pursuing their interest in Charlton (Steve Parsons/PA)

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

The news will come as a blow to Charlton, who had reported debts of £20million. The club are in the final year of their parachute payments having been relegated from the Premier League in 2007 and dropped to 20th in the Championship table after Tuesday night’s home defeat by Bristol City.

Zabeel were reported to have turned their attentions to Everton, although they insist they are no longer in the market for an English club.

The statement continued: “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.

“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 October 10, nor has it authorised any approach on its behalf.

“In addition, Zabeel Investments has confirmed it has no current intention to acquire any English football club for the foreseeable future.”

A spokesman for Zabeel Investments added: “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 their quest for promotion this season and moving forward.”

Source: The Times

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