Football League involved in takeover saga
It's certainly hotting up in terms of the takeover, but not necessarily in a good way!
Our local paper, GetReading, has been doing some good digging in recent weeks concerning the takeover. They have uncovered the secret consortium's identity as Pheonix - an American group, with former board member Chris Samuelson believed to have some role in the bid.
However, the Post have also stated that chairman Sir John Madejski is not keen on having Samuelson back at the club - I think that says a lot! I have tried to keep an open mind about Samuelson, but if Madejski is doubting him, it's best he is kept away from our club.
The Pheonix consortium have bid £5 million for the club and promised to clear the debts, but needs to be agreed by Vibrac, the lending company in charge of the takeover. However, the Post are reporting Vibrac are under investigation from the Football League!
The reasons for this investigation aren't totally clear, but considering they are in some form in charge of the club at the moment, need to pass a fit and proper persons test. It seems we are not really any nearer a conclusion, just more and more controversy by the day.