Addicks confirm takeover bid

11 October 2008 09:46
Charlton Athletic have confirmed that they have received a takeover bid from Dubai-based Zabeel Investments. The Addicks are currently down in the bottom half of the Championship table and have welcomed the potential for major new funding for the club. A statement on the club's official website read: "The board of Charlton Athletic plc announces that it has received an indicative cash offer from Zabeel Investments, a Dubai-based diversified investment company. "The indicative offer is subject to a number of preconditions, including due diligence, however, it is at a level at which, should the offer be made formally to shareholders, the board would recommend shareholders to accept it. "There is, however, no certainty that a formal offer will be made nor as to the terms of any offer." PLC chairman Derek Chappell and Charlton Athletic chairman Richard Murray added: "The board firmly believes that a successful outcome for this transaction would be beneficial to shareholders and employees of Charlton, all fans of the club and the local community as a whole. Zabeel Investments executive chairman, Mohammed Al Hashimi, commented: "We feel now is the right time to make a strategic, long- term investment in Charlton and get the club back to the English Premier League where they belong."

Source: ESA