Economic climate prevents Addicks acquisition

The board of Charlton Athletic plc was informed by Zabeel Investments on Thursday that it will not be proceeding with the proposed acquisition of Charlton Athletic plc.

Zabeel has called off its proposed Charlton takeover due to the economic climate in the UK

Zabeel Investments has informed Charlton that the decision not to proceed was taken on the basis that its focus moving forward will be on domestic opportunities in Dubai that complement the current Zabeel Investments portfolio.

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.

Furthermore, 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 press reports, Zabeel Investments has confirmed to Charlton that it has not approached any other club since it made an indicative offer for Charlton on October 10th, not has it authorised any approach on its behalf.

In addition, Zabeel Investments has confirmed that it 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.”

For the purposes of the takeover code, this announcement has been made with the consent of Zabeel Investments.