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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).