Braves Name Hart President Of Baseball Ops Nets Offering "Loyalty Insurance" Senators To Hold Tribute For Soldier Killed In Attack Franchise Notes Islanders Introduce New Owners Progress Slow On Hawks Sale Kidd Featured In Bucks' New TV Campaign Clippers' Ballmer Discusses Debut Season Royals Irked By Marlins Fan At World Series Kings Support NHL's Suspension Of Voynov
Upcoming Conferences and Events
Newcastle United Reportedly Close To Agreeing To Takeover Deal
Published October 24, 2008
|Ashley (c) Reportedly Nearing Deal
To Sell Newcastle United For $468M
CHARLTON: The LONDON TIMES reports Dubai-based Zabeel Investments "has decided against pursuing its takeover" of English Coca-Cola Championship League club Charlton Athletic. Charlton Thursday in a statement confirmed the news, saying that Zabeel would instead "concentrate on domestic business opportunities." The news "will come as a blow to Charlton, who had reported debts" of US$31.2M. Zabeel, which also has been "linked with a takeover of Newcastle United," reportedly has "turned their attentions" to EPL club Everton. But Zabeel insisted that it is "no longer in the market for an English club" (TIMESONLINE.co.uk, 10/23).
ARSENAL: BLOOMBERG NEWS' Tariq Panja reported EPL club Arsenal "remains confident of profit projections from a housing development at its old soccer stadium," and the club said that it "can withstand a 'pretty difficult time' as the U.K. faces recession." Arsenal "expects [US$564M] in profit" from the Highbury Square project, where "most of the 655 apartments marketed have been pre-sold, and 90 purchases completed have generated sales of [US$60.9M]." Arsenal in September announced that its debt rose to US$496.5M after the costs of converting Highbury. The Highbury debt "stands at [US$208.5M]." Arsenal Chair Peter Hill-Wood: "We are in constant talks with our bankers and any sale proceeds from now onwards will go towards paying our debt." Hill-Wood added that the "debt is 'ring-fenced' and not leveraged against Arsenal Holdings PLC's soccer assets." Hill-Wood said that Arsenal is "well placed to withstand the expected economic downturn" (BLOOMBERG NEWS, 10/23).