Russian tycoon set to take over at Reading FC

http://www.sportspromedia.com/news/russian_tycoon_set_to_takeover_at_reading_fc/

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Russian tycoon set to take over at Reading FC
23 January 2012 | Posted in Sports Properties, Soccer, Europe | By Michael Long

Thames Sports Investments (TSI) Ltd has reached an initial agreement with Sir John Madejski, the owner of English soccer side Reading FC, to acquire a 51 per cent stake in the Championship club.

The agreement, which is subject to due diligence and Football League approval, is not expected to be completed until March. The club, however, will receive ‘some limited funding’ in order to strengthen the first team squad during the current January transfer window.

Reports in the English press suggest the agreement is worth around UK£40 million.

While Madejski remained tight-lipped regarding the names of the individuals behind TSI's investment when informing fans of the current situation before the club’s home game against Hull City on Saturday, it later came out that the private investment firm was founded by Russian tycoon Anton Zingarevic, who previously attended Reading University and was linked with a takeover of Premier League side Everton in 2004.

“The deal is with Thames Valley Sports Investment and only when they want to declare names, they will,” said Madejski prior to his side's 1-0 defeat. “At the moment they don't and I understand that, it's sensible and prudent.”

“They're just the right fit for Reading. Obviously they were interested in other clubs, but I think they saw Reading's reputation as being so well-run, that they decided to pick this one, which we're delighted about.”

In a statement released earlier today that confirmed Zingarevic as the firm's founder, TSI emphasised that the club’s management team and ‘fundamental policies’ will remain unchanged. It also said that its financial support will ‘allow the club to retain its best players and acquire additional players as the football management team see fit’, and ‘enable the club to expand and further improve its successful academy and scouting operations.’

Madejski, meanwhile, will remain in his role as chairman until at least 2014, and has agreed to become life president when he decides to step down.

He said: "[The deal with TSI] represents an incredible move forward if it comes off. It's a great day for me, a great day for Reading Football Club and a great day for everyone.”

“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.”
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Saw that this morning. Doesn't sound like this guy is looking to throw silly amounts of cash round. Looks more like they're going to build steadily so as to have a sustainable business in operation.