English second division (Championship) club Charlton Athletic said on Thursday that a proposed take-over by Dubai's Zabeel Investments was off. "The board of Charlton Athletic was informed by Zabeel Investments on Thursday that it will not be proceeding with the proposed acquisition of Charlton Athletic," a statement said.
Earlier this month managing director of Zabeel Capital, a unit of the investment firm, Jbran Rahal said that the London club had "great potential". Charlton said that Zabeel Investments, which tried to buy Liverpool last year, had told them it had no intention of buying an English football club in the foreseeable future.
They had been linked with a bid for Newcastle United in September, whose owner Mike Ashley is looking for a buyer after pressure from discontented fans. "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," Charlton said in the statement. "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."
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." Charlton, relegated from the Premier League in 2007, are struggling near the bottom of the Championship this season with pressure growing on manager Alan Pardew.