Charlton have confirmed that Dubai based Zabeel Investments have pulled out of a planned takeover of the club.

The deal was expected to wipe out their £20 million debt, but a statement from The Valley said: "The board of Charlton Athletic PLC were informed on Thursday that the company will not be proceeding with the proposed acqusition.

"Zabeel say the decision not to proceed was taken on the basis that its focus moving forward will be on domestic opportunities in Dubai that complement their portfolio.

"This combined with the 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 has made it clear to Charlton that the decision was not made as a result of any discoveries during the due diligence process."

Meanwhile speculation suggests the company could switch their attentions to Everton, Fulham or West Ham, but they say no approach has been made to any club since they made an indicative offer to Charlton on October 10, or has it authorised any approach on its behalf.