Royals set for Russian takeover?
Reading could be set for a shock £40 million takeover from Russian billionaire Anton Zingarevich, following Sir John Madejski's statement that the club have agreed an initial agreement with Thames Sports Investment, according to the Daily Mail.
These reports along with our Chairman's statement have prompted various responses of excitement and confusion. The identity of the company 'Thames Sports Investment' still remains very unknown, with the club very cautious to say anything on the matter.
Mr Madejski's statement was as follows on the official RFC site: 'I am pleased to announce that I have today entered into an initial agreement with Thames Sports Investment that may lead to an investment in Reading Football Club.'
'For the avoidance of doubt, I would like to emphasise that I will continue as Chairman of the club, and the club will continue to operate in the same prudent and business-like manner that it always has. No further announcements can be made until a binding agreement has been reached.'
The Mail reported that Zingarevich will buy a 51% share in the club for £40 million, which will automatically complete a takeover of the club. It also mentioned that Royals manager Brian McDermott flew to Milan to meet the club's prospective owners about the clubs current stature.
Zingarevich has reportedly signed the deal on Friday and has said that once the takeover is completed, McDermott remain manager of the club. The Russian tycoon was also educated in Reading before moving onto university in America.
Sir John Madejski has publicly admitted that he is keen to sell the club but has emphasised that they have to be right for the club with 'deep pockets'. It may all be up in the air at the moment but one thing is for sure, we can all trust in Madejski to do the right thing for our club.