Russian Tycoon On Verge of Acquiring Majority Stake in Reading FC
January 24, 2012
Reading FC are close to an investment boost from Thames Sports Investments (TSI) after an initial deal was agreed.
TSI, a newly-founded company, is owned by Russian tycoon Anton Zingarevich and 51% of the club will be acquired if the agreement passes a Football League due diligence test.
A statement on the club’s website said that the deal is likely to be completed in March. Funds have also been made available to the Berkshire club.
“The transaction, as agreed with Sir John Madejski, includes providing Reading Football Club with some limited funding now to enable Brian McDermott and [director of football] Nick Hammond to strengthen the playing squad during this January transfer window,” the statement read.
Madejski will remain chairman, a role he has held since 1990, until at least 2014 and will become life president if he steps down.
The Royals are currently fifth in the Championship.