Chairman releases statement concerning takeover

Royals chairman Sir John Madejski has released a long statement concerning the takeover of Reading Football Club and what his opinion is if the deal was to be completed with Thames Sport Investments.

The 70-year old will still remain Chairman of the club until 2014, once the takeover is fully completed and will become Life President of the club when he feels the time is right to step down as his 22 year role as Chairman of RFC.

The full statement can be found at readingfc.co.uk, but parts of the statement are as follows:

'It's a great day for me, a great day for Reading Football Club and a great day for everyone. At the moment we're doing due dilligence and Heads of Agreement have been signed. It's not a deal until it's done, and it won't be a deal until the end of March. Hopefully everything will be fine - but that is the bottom line.'

'In the meantime, as a leap of faith I guess you could say, they will provide funds to strengthen the squad during this window of opportunity - which they are going to take. There won't be anything done irresponsibly, or stupidly.'

'Overall this means long term stability, and it means going forward with an opportunity of building. It means we carry on as we are, there's no fundamental change, the ethos and way we do things at Reading will continue in the same spirit and same way.'

'We're very proud of our reputation here at Reading, we've got a great manager, a great staff on and off the pitch, and a great squad of players which will no doubt be strengthened before the end of January. As I say there will be money immediately available to strengthen the squad before the end of the month.'

'The club will still remain with its same ideology and principles. And it won't be a question of just throwing money at the club - that's not going to happen. It's going to be done in a prudent, sensible way - the Reading way. That is why they were attracted to this club - they could see it as a well-run club, which means a lot to them.'

'I am delighted, I have always said I will take the club as far as I can and stay Chairman as long as necessary. I'm delighted to say the new shareholders share the ambition the club has, they want to me to continue as Chairman for two more years at least, therefore there is no change at all. I can still be the proud Chairman of Reading Football Club, the fourth oldest club in the Football League.'

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