Charlton takeover deal dead

Charlton confirmed today that Zabeel Investments has pulled out of a deal to buy the club.

The Dubai-based investor made an indicative offer for Charlton earlier this month. They have also showed some interest in both Everton and Newcastle, although Charlton insist the company is now no longer interested in buying any English teams.

The news will come as a blow to the Addicks, who have reported debts of £20million and were ready to sell.

A club statement said: "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 of Zabeel Investments to pull out."

The club are in the final year of their parachute payments from the Premier League and they dropped to 20th in the Championship table following Tuesday night's home defeat by Bristol City.

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.