Charlton takeover collapses

Zabeel began negotiations with Charlton on October 10 and went through the club's books as part of the due diligence process.

But doubts surrounded its commitment to acquiring the Championship strugglers with rumours linking them to a number of other English clubs, notably Premier League side Newcastle United.

But Zabeel vehemently deny interest in any other clubs.

An official Charlton 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 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.

"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.�

The collapse of the proposed takeover leaves Alan Pardew desperately short of funds as he looks to strengthen his squad following a poor start to the season.