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Russian tycoon buys into Reading

Football News 24/7
A company believed to be owned by a Russian tycoon - Anton Zingarevic, (Thames Sports Investments (TSI) Ltd ) has reached an initial agreement with Sir John Madejski, the owner of Reading FC, to acquire a 51 per cent stake in the Championship club.

The agreement, reported to be worth around £40 million, 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.

Zingarevic, who previously attended Reading University was linked with a takeover of Premier League side Everton back in 2004.

In a statement released subsequently it 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.”

GM

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