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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

Saturday, July 26


Hundreds of brand-new and retro cars, drag and drift shows, test drives and karting are planned for the Avtobum-2014 festival, which will take place in front of the RIO shopping center at 2 Fuchika Ulitsa.


Participants in today’s SaniDay Summer competition will impress visitors with their hand-made, unusual and hilarious boats, which will race at the Igora Resort near the 54th kilometer on Priozerskoe Shosse.


Metro Family Day will include both serious lectures for adults and master-classes for children, making the event interesting for the whole family. To participate, come to Kirov Park on Yelagin Island.


Photography will be the focus of today’s Photosubbota, which features lectures by famous photographers, meetings with photo schools and studio representatives, and participation in a photography competition. The event starts at noon at Petrokongress, 5 Lodeynopolskaya Ulitsa.


If you like cycling, make sure to visit the Za Velogorod Festival with its retro bike exhibition, market and live music. The second round of the Leningrad Criterium race will also take place during the event at Petrovsky Arsenal in Sestroretsk.



Sunday, July 27


Navy Day will be celebrated with a weapon and military transportation exhibition, self-defense master classes and concerts. The event starts at 1 p.m. in the 300th Anniversary Park of St. Petersburg.



Monday, July 28


Don’t miss a chance to see the latest achievements in robotics during the RoboDom interactive show, exhibiting more than 150 robots. The show will be at BUM center, 22/2 Gzhatskaya Ulitsa, until Aug. 3. The entrance ticket costs 350 rubles ($10).



Tuesday, July 29


A video of a Queen concert from 1986 will be shown today at 8 p.m. in Yaschik, 50/13 Ligovsky Prospekt.



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