Dubai-based group make £50m Charlton bid

Investors say now is right time to invest and take club back into Premier League

Charlton Athletic are set to be taken over by a Dubai-based investment group which is believed to be owned by the ruling Maktoum family. The deal is worth around £50m with Zabeel Investments, whose interests range from luxury hotels to construction and the media, promising to provide the funding to return the Championship club to the top-flight.

Its executive chairman, Mohammed Al Hashimi, said last night: "We feel now is the right time to make a strategic, long-term investment in Charlton and get them back to the Premier League where they belong. The passion of the fans at Charlton, the heritage of the club and the unique status it enjoys in the community make it an exciting proposition for us."

Zabeel was part of a Dubai consortium, led by the state's ruler Sheikh Mohammed bin Rashid Al-Maktoum, which attempted to buy Liverpool. There were also, more recently, talks with Newcastle United which broke down over the asking price.

The company was set up two years ago and it is thought to be controlled by Sheikh Hamdan bin Mohammed bin Rashid al-Maktoum, Sheikh Mohammed's son and his heir apparent, which is an indication of the financial muscle it has available to it.

Buying Charlton may appear a strange choice but their location in London and the fact that they own the freehold on their stadium and training ground makes them attractive. Their manager, Alan Pardew, is understood to be aware of the deal and has already been reassured by the club's board – and the prospective new owners – that his job is safe and that he will receive funds in the January transfer window.

Charlton have been looking for a buyer for some time and last year there was interest from another Middle East group while there was also an inquiry from the Nigerian businessmen who have also been interested in Newcastle.

Last night the Charlton board released a statement confirming that an "indicative cash offer" had been received from Zabeel which is "at a level" that will now be formally put to shareholders. It's likely the deal will be accepted with Zabeel already being granted access to Charlton's books as it starts the process of due diligence.

Charlton's chairman Richard Murray, who is thought to own 25 per cent of the shares, said: "The board firmly believes that a successful outcome would be beneficial to shareholders and employees of Charlton, all fans of the Club and the local community."

Sport
England's women celebrate after their 3rd place play-off win against Germany
Women's World CupFara Williams converts penalty to secure victory and bronze medals
Arts and Entertainment
Ricardo by Edward Sutcliffe, 2014
artPortraits of LA cricketers from notorious suburb go on display
News
newsHillary Clinton comments on viral Humans of New York photo of gay teenager
Arts and Entertainment
The gang rape scene in the Royal Opera’s production of Gioachino Rossini’s Guillaume Tell has caused huge controversy
music
Have you tried new the Independent Digital Edition apps?
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Career Services

Day In a Page

The Greek referendum exposes a gaping hole at the heart of the European Union – its distinct lack of any genuine popular legitimacy

Gaping hole at the heart of the European Union

Treatment of Greece has shown up a lack of genuine legitimacy
Number of young homeless in Britain 'more than three times the official figures'

'Everything changed when I went to the hostel'

Number of young homeless people in Britain is 'more than three times the official figures'
Compton Cricket Club

Compton Cricket Club

Portraits of LA cricketers from notorious suburb to be displayed in London
London now the global money-laundering centre for the drug trade, says crime expert

Wlecome to London, drug money-laundering centre for the world

'Mexico is its heart and London is its head'
The Buddhist temple minutes from Centre Court that helps a winner keep on winning

The Buddhist temple minutes from Centre Court

It helps a winner keep on winning
Is this the future of flying: battery-powered planes made of plastic, and without flight decks?

Is this the future of flying?

Battery-powered planes made of plastic, and without flight decks
Isis are barbarians – but the Caliphate is a dream at the heart of all Muslim traditions

Isis are barbarians

but the Caliphate is an ancient Muslim ideal
The Brink's-Mat curse strikes again: three tons of stolen gold that brought only grief

Curse of Brink's Mat strikes again

Death of John 'Goldfinger' Palmer the latest killing related to 1983 heist
Greece debt crisis: 'The ministers talk to us about miracles' – why Greeks are cynical ahead of the bailout referendum

'The ministers talk to us about miracles'

Why Greeks are cynical ahead of the bailout referendum
Call of the wild: How science is learning to decode the way animals communicate

Call of the wild

How science is learning to decode the way animals communicate
Greece debt crisis: What happened to democracy when it’s a case of 'Vote Yes or else'?

'The economic collapse has happened. What is at risk now is democracy...'

If it doesn’t work in Europe, how is it supposed to work in India or the Middle East, asks Robert Fisk
The science of swearing: What lies behind the use of four-letter words?

The science of swearing

What lies behind the use of four-letter words?
The Real Stories of Migrant Britain: Clive fled from Zimbabwe - now it won't have him back

The Real Stories of Migrant Britain

Clive fled from Zimbabwe - now it won’t have him back
Africa on the menu: Three foodie friends want to popularise dishes from the continent

Africa on the menu

Three foodie friends want to popularise dishes from the hot new continent
Donna Karan is stepping down after 30 years - so who will fill the DKNY creator's boots?

Who will fill Donna Karan's boots?

The designer is stepping down as Chief Designer of DKNY after 30 years. Alexander Fury looks back at the career of 'America's Chanel'