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Mar 15, 2013

Roma investment deal falls through

Roma have said their plans to move to a new stadium remain unchanged despite the collapse of a proposed deal to bring in new funding from a Middle Eastern investor.

The club had set a Thursday deadline for Sheikh Adnan Adel Aref al-Qaddumi, a Jordanian, to provide proof of funds for investment.

They had struck a preliminary agreement with the investor, who has lived in Italy for two decades, but announced on their official website that the deal was off.

Some reports in Italy had questioned the wealth of al-Qaddumi, about whom little appears to be known.

But Roma, controlled by US investors, were quick to stress that the failure of the deal would not have an adverse effect on either the team or the stadium plans.

"While it is unfortunate that this transaction did not close, it will not impact the health of the team," a statement said.

"We look forward to building on our initiatives to enhance the team's brand, including the construction of a world-class stadium in Rome and the team's exciting new partnership with Nike [who have signed a ten-year kit deal]."

Roma, who share the city's Stadio Olimpico with Lazio, hope to complete their new home by 2016 and said they would work with the UniCredit bank, which has a stake in the club, to meet finding needs.

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