January 2, 2020 / 2:56 PM / a month ago

East Street Investments completes takeover of Charlton Athletic

FILE PHOTO: Soccer Football - Championship - Charlton Athletic v Derby County - The Valley, London, Britain - October 19, 2019 General view outside the stadium before the match Action Images/Alan Walter

LONDON (Reuters) - Abu Dhabi-based consortium East Street Investments has completed the takeover of Charlton Athletic, the second-tier English soccer club announced on Thursday.

The new owners had announced in November an agreement to buy the South London side, subject to approval by the Football League.

“It was vital for the long-term health of Charlton Athletic that this deal was completed at the very start of the January transfer window,” previous owner Roland Duchatelet said in a statement on the club’s website http://www.cafc.co.uk.

“It allows the new owners to commit resources to the football side in order to bring in new players who will help secure the club’s position in the Championship,” added the Belgian.

Founded in 1905, Charlton are 19th in the Championship and five points clear of the relegation zone.

Abu Dhabi-based businessman Tahnoon Nimer, majority shareholder in East Street Investments through Panorama Magic General Contracting LLC, will be part of the new board.

British businessman Jonathan Heller becomes a director with Matt Southall taking over as chairman.

Reporting by Alan Baldwin, editing by Christian Radnedge

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