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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

Tuesday, Jan. 27


Observe the 71st anniversary of the end of the Siege of Leningrad on Palace Square with a free concert at 7 p.m. Listen to WWII-era songs and the poetry of Olga Bergholz while you peruse outdoor exhibitions dedicated to life during wartime. The event is capped off by a fireworks display at 9 p.m.



Stop by the Lexica School of Foreign Languages at 73 Ligovsky Prospekt from now until Friday for a free English lesson. The classes start at 7 p.m. and cover all levels, from Beginner to Advanced. Registration by telephone on 7641692 and a desire to improve your skills are the only prerequisites.



Wednesday, Jan. 28



Feel like becoming a publishing mogul? Stop by the Freedom anti-cafe at 7 Ulitsa Kazanskaya today at 8 p.m. where Simferopol, Crimea-based founder and chief editor of the Holst online magazine will talk about creating an internet magaine, including what stories to cover, how find an audience and build a team, where to find inspiration and how to stand out from the crowd. Admission is the normal price of the anti-café — 2 rubles per minute, which includes tea and snacks.



Learn everything you always wanted to know about wine, and perhaps a bit more, at the Le Nez du Vin seminar for wine lovers. Held at the WineJet Sommelier School, 100 Bolshoy Prospekt Petrograd Side, at 7:30 p.m., the event will cover wine production, the basics of wine tasting, the concept of terroir and the various countries where wine is produced. Tickets are 750 rubles and include a wine tasting. Register by calling +7 921 744 6264.



Thursday, Jan. 29



Attend a master class on how to deal with complicated business negotiations today at the International Banking Institute, 6 Malaya Sadovaya Ulitsa. Running from 3 to 6 p.m., Vadim Sokolov, an assistant professor at the St. Petersburg State University of Economics, will introduce aspects of managing the negotiation process and increasing its effectiveness. Attendance is free with pre-registration by telephone on 909 3056 or online at www.ibispb.ru



Celebrate what would be writer Anton Chekov's 155th birthday at the Bokvoed bookshop at 46 Nevsky Prospekt. Starting at 5 p.m., the legendary author will be feted with readings of his stories and short performances based on his plays by various St. Petersburg actors. Chekov's book will also be offered at a 15% discount during the event.





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