Roma have officially terminated their plans for Sheikh Adnan Adel Aref al Qaddumi al Shtewi to invest up to €100m in the club after he failed to provide the cash.
The Giallorossi had released a statement on February 24 confirming negotiations with the Sheikh and his company to make a large investment.
There were doubts over the financial solvency of his situation and today was the deadline to provide €50m, but it never materialised.
“Further to the press release published on February 24, 2013 by AS Roma SPV LLC, as majority shareholder of NEEP Roma Holding S.p.A., with reference to the preliminary agreement signed with Sheik Adnan Adel Aref al Qaddumi al Shtewi (the “Prospective Partner”) for his involvement, direct or indirect, with the equity group which owns the controlling stake of NEEP Roma Holding SpA, and the deadline of March 14, 2013 for the Prospective Partner to fund the full purchase price of his investment, AS Roma SPV LLC – also after consultation with Consob - informs that the Prospective Partner has not consummated the investment, there is no agreement in place to extend the deadline for closing the transaction and the preliminary agreement with the Prospective Partner should be considered terminated.”
Think you know your Italian football? Share your knowledge, tips and comments to win cash prizes in OLBG's tipster competition  - £11,000 to be won monthly!