Russian close to £40 million take over of Reading FC
Anthony Smith • Published 21 Jan 2012 14:30
9 Comments
THE man behind the proposed take over of Reading FC is Russian tycoon Anton Zingarevich.
The 29-year-old looks set to close a deal that would see his newly-founded company, Thames Sports Investments, acquire a 51 per cent stake in the Championship club.
Royals boss Brian McDermott flew to Milan to meet the club's prospective owners on Tuesday to discuss team rebuilding.
It is believed McDermott was told his job is safe, and that money will be available to use in the transfer market.
A statement released by Reading FC today says the club expects the deal to be completed in March.
It continues: "The transaction, as agreed with Sir John Madejski, includes providing Reading Football Club with some limited funding now to enable Brian McDermott and Nick Hammond (director of football) to strengthen the playing squad during this January transfer window."
Reading are being strongly linked with a move for Blackburn's out-of-favour striker Jason Roberts.
Zingarevich was educated at a private school in the Reading area and went to Reading University. He then moved to New York to continue his university studies.
The take over will see Madejski remain as chairman of Reading until at least 2014, with a view to becoming life president when he decides to step down.
The Autotrader founder has been at the helm for 21 years, and built the stadium that bears his name.
Zingarevich's management consultants PWC are currently going through the process of due diligence which they expect to run smoothly.
The take over will Royals chief executive Nigel Howe remain in his position along with director of football Nicky Hammond.
This article appeared in Reading Chronicle 21 Jan 12
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Weird Science
Unregistered User
Jan 21, 17:24
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Oxford Royal
Unregistered User
Jan 22, 00:13
Report commentI hope it's not another Venky's. It'll be nice to hang onto our good players, but how clean is the money?
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Yes 19
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Oxford Royal
Unregistered User
Jan 22, 00:39
Report commentActually, I've just read Sir John's statement. I'm not alone among Royals fans in thinking that he's the best thing that's happened to the club and we're keen to keep him here. If he says he's happy with the new investor, then let's be happy. I think Reading fans are naturally cautious. Let's hope we get reason to be naturally optimistic.
Recommend? Yes 9
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MortRoyal
Unregistered User
Jan 22, 00:56
Report commentHow has a 29 year old Russian acquired this sort of money? It looks like we are another English club about to be swallowed up by a dubious foreign investor. I do not like it.
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speedwaychips
4 posts
Jan 22, 06:29
Report commentTaken From http://www.russianlondon.com/ukmedia/show/tv/21830/ Russians deny Everton bid
Boris Zingarevich is not planning to buy directly or indirectly assets abroad and this applies to his son
Boris Zingarevich's spokesman
Russian Anton Zingarevich's planned £20m investment in Everton has been denied by his billionaire father Boris.
"As far as we know he is not planning to buy Everton. He does not have the means." said a spokesman for Ilim Pulp, Boris Zingarevich's company.
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******
Jan 22, 16:02
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Jimbo
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Jan 23, 13:08
Report commentAnd absolutely no connection to the Russian Mafia...... http://www.rumafia.com/person.php?id=204
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andy Pilling
Unregistered User
Jan 23, 16:19
Report commentDoes anybody in their right mind think that JM would sail his beloved club down the pan after all the work he has put in over the years. It simply would not happen if he had any doubt. What a legecy he has created and I for one say job well done sir, cause if it wasn't for you we probably wouldn't even have a club. I remember the days he was bankrolling it to the tune of 30k a week just to keep it going. To see where it is now, I doubt there are many better success stories.
Andy Pilling
Recommend? Yes 2
No 10
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Mischievous
Unregistered User
Jan 23, 18:39
Report commentJM has not hidden the fact that he wants to sell the Club. If it remained in the Premier league a couple of seasons ago he would have done it then. A club in the champion's league is not quite so attractive a proposition, but there is now some interest.
My view is that JM does not have the cash to continue bankrolling the club. It made losses last year and by the sounds of it was facing cash flow issues. Under such circumstances it is prudent to consider your position and anyone who is willing to boost the cash flow and provide some funds to buy much needed players (I assume) has to be taken seriously.
I mentioned in an earlier comment on the first buy-in article that JM also has serious financial concerns with his printing company. So he cannot keep putting in money to businesses without taking a long hard look at the consequences of a continuing down slide in the market on that business.
From the club's position the buy-out could be more profound than a change in ownership. So perhaps it is the only way out.
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See Left
Unregistered User
Jan 23, 21:19
Report comment"Does anybody in their right mind think that JM would sail his beloved club down the pan after all the work he has put in over the years?".
In a word YES Andrew. One must watch that sailing down the pan also; even a keen yachtsman such as I can finds those brown floaters difficult to outmanoeuvre...
Regards,
See Right
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******
Jan 28, 18:54
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******
May 14, 04:29
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May 20, 22:18
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May 27, 21:13
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