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AS Roma has terminated investment talks with Sheikh Adnan Adel Aref al Qaddumi al Shtewi, but has maintained the move will not affect its plans to develop a new stadium.

AS Roma has terminated investment talks with Sheikh Adnan Adel Aref al Qaddumi al Shtewi, but has maintained the move will not affect its plans to develop a new stadium.

The Serie A outfit last month announced it had reached a “preliminary agreement” with Al Qaddumi to invest in the club. Al Qaddumi reportedly originates from Qatar, but was born in Jordan and has lived in Italy for 25 years. However, questions were raised over whether he had the necessary funds to invest in Roma and the club has announced that talks have ended following Al Qaddumi’s failure to “consummate” the investment by the deadline of March 14. The Associated Press on Friday reported Al Qaddumi failed to provide the Eur50 million agreed to by Thursday’s deadline adding that he is now set to face investigation from Rome prosecutors on stock manipulation charges.

Roma’s American owners in December took a significant step forward in their goal of developing a new home for the club by announcing plans to build a stadium in Rome in readiness for the 2016-17 season. The construction of a new stadium has been one of the main global brand-enhancing and revenue-generating priorities for Roma president Jim Pallotta since acquiring the team in December 2011. The location for the new stadium will be Tor di Valle, in the southwest part of the city. Roma’s new stadium will have a capacity of 55,000 to 60,000 and will be developed and managed by leading Italian real estate firm Grupo ParsItalia. Financial details were not disclosed, but the project will be entirely privately funded with Al Qaddumi’s potential investment being seen as means to aid the project.

Roma has said it will continue working with UniCredit to meet its funding needs. In last month’s announcement, Roma moved to deny reports that Luca Parnasi planned to acquire part of the stake in the club held by the banking group. Parnasi is CEO of Grupo ParsItalia. Commenting on the Al Qaddumi investment, Roma said: “While it is unfortunate that this transaction did not close, it will not impact the health of the team. As always, ownership and management are 100% committed to strengthening the AS Roma franchise in order to deliver a great team to our loyal fans and to the people of Rome. We will continue to work closely with UniCredit to meet the club’s capital needs. 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.”

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