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Russian Billionaire to Sell Reading Football Club for £1

Published: May 27, 2014 (Issue # 1812)



  • Reading Football Club's Madejski Stadium.
    Photo: Richard Croft / Wikicommons

Russian billionaire Anton Zingarevich is reportedly willing to sell his majority stake in Reading Football Club a cut price after The Royals missed out on promotion to the Premier League.

Anton Zingarevich, the son of St. Petersburg-based paper billionaire Boris Zingarevich, has offered his 51 percent share for £1, but the low price tag is somewhat misleading because the new owner would have to take on the club's £38 million debt, The Independent reported Monday.

Zingarevich's Thames Sports Investments bought a majority share in the club in 2012 and has reportedly invested £25 million since then, the report said.

More optimistic supporters saw the takeover as a sign that an age of prosperity could be in store of the Berkshire club, but big name signings failed to arrive and the team was relegated at the end of the 2012-2013 season after just one year in the top flight.

When announcing his intention to sell his majority stake in 2009, former owner and current chairman of the club Sir John Madejski said he would welcome offers from "billionaires only," Bloomberg reported.

"Millionaires need not apply," he said.

Zingarevich's offer has already attracted bidders from India and Israel, according to The Independent.





 


ALL ABOUT TOWN

Monday, Oct. 20


Amateur pictures from World War I are on display for only one more day at Rosphoto’s exhibition “On Both Sides,” chronicling the conflict through the eyes of observers on both sides of the trenches. The price of entrance to the exhibition is 100 rubles ($2.50).



Tuesday, Oct. 21


The Environment, Health and Safety Committee of AmCham convenes this morning at 9 a.m. in the organization’s office.


Take the chance to pick the brains of Dmitry V. Krivenok, the deputy director of the Economic Development Agency of the Leningrad region, and Mikhail D. Sergeev, the head of the Investment Projects Department, during the meeting with them this morning hosted by SPIBA. RSVP for the event by emailing office@spiba.ru before Oct. 17 if you wish to attend.


Improve your English at Interactive English, the British Book Center’s series of lessons on vocabulary and grammar in an informal atmosphere. Starting at 6 p.m., each month draws attention to different topics in English, with the topic for this month’s lessons being “visual arts.”



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