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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

Sunday, Nov. 23


Get in the holiday spirit at today’s Winter Bazzar at the Astoria Hotel. Featuring gifts from around the world such as French eclairs, Dutch cheeses and Indian jewelry, the annual event organized by the International Women’s Club will feature 18 international stands and raise money for charity through the sales of a diversity of products that further illustrate the city’s international connections.



Monday, Nov. 24


Dr. Axel Schulte, Department Head at Fraunhofer Institute for Material Flow and Logistics in Dortmund, Germany, is the featured speaker at the SPIBA Industrial Committee lecture on “The Fourth Industrial Revolution: Digitalization of the Supply Chain.” The event begins at 4 p.m. at the Graduate School of Management at 3 Volkohvsky Pereulok and registration is required by Nov. 21 either by emailing office@spiba.ru or calling 325 9091.



Tuesday, Nov. 25


Tag along with AmCham during their “Industrial St. Petersburg” Tour program today. This incarnation of the ongoing series will visit Philip Morris Izhora and include an Environmental Health and Safety Committee meeting.


Find out how to expand your business east during the “Business With China” forum beginning today and concluding tomorrow at the Lenexpo convention center. The largest Russian forum dedicated to business with the Asian giant, topics that will be discussed include logistics, customs clearance, trade financing and many more.



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