Charlton Athletic could become the latest club in English football to move into foreign ownership after receiving an indicative offer from a group of Dubai-based investors.

Charlton, who currently lie 14th in the Coca-Cola Championship having been relegated from the Barclays Premier League in 2007, are the subject of an offer from Zabeel Investments, who were recently linked with buying Newcastle United.

The board at The Valley have already made it clear they recommend the offer should be accepted, which could then see a huge cash injection for the south London club.

A statement from Charlton 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 (waivable) 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.

“Zabeel Investments had been looking at the opportunity to invest in a leading English football club and had been monitoring the situation at Charlton Athletic Football Club closely.

“In spite of being approached by various English football clubs as well as a number of well-known clubs in Europe and South America, Zabeel Investments believes Charlton is the right club for them.”

Derek Chappell, chairman of the plc, and club chairman Richard Murray welcomed the potentially large investment, saying: “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.”

Charlton have been forced to sell a number of players since dropping out of the Premier League, with Darren Bent, Luke Young, Andy Reid, Marcus Bent and Madjid Bougherra among the high-profile departures.

The club, who will lose their parachute payments at the end of this season, spent just £450,000 in last summer’s transfer window, on Nicky Bailey, the Southend midfielder.

Mohammed Al Hashimi, executive chairman of Zabeel Investments, added: "We feel now is the right time to make a strategic, long term investment in Charlton and get CAFC back to the English Premier League where they belong.

"The passion of the fans at Charlton, the heritage of the Club and the unique status it enjoys in the community make it an exciting proposition for us.”

English football has become increasingly attractive to investors from the Arab world in recent times, though previous targets have all been in the top flight.

Liverpool, currently owned by the American duo of Tom Hicks and George Gillett, have been courted for many months by Dubai International Capital, the financial arm of Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum.

Manchester City, meanwhile, have become the world’s richest football club after being bought by the Al-Nahyan royal family, members of the ruling family of Abu Dhabi, the oil-rich Gulf state.