BREAKING NEWS: Thames Sports Investment complete Reading FC takeover
By Anthony Smith • Published 29 May 2012 15:44 0 Comments
click to enlarge
Anton Zingarevich, left, with Royals chairman Sir John Madejski.
ANTON Zingarevich has completed the first stage of his takeover of Reading FC.
His Gibralta-based Thames Sports Investment company has acquired an initial 51% stake in the club for around £25 million.
The process was finally ratified by the Premier League and Football League earlier today following weeks of investigations into the 30-year-old Russian's background.
Zingarevich, who eventually wants full control of the club, has now joined the Reading FC board along with TSI's Christopher Samuelson and Andrew Obolensky plus Royals chief executive Nigel Howe.
Sir John Madejski will remain as chairman of the board, while Ian Wood-Smith stays on as another director.
The takeover will give manager Brian McDermott the green light to bolster his squad this summer following rumours of a failed £2 million bid for Nottingham Forest defender Chris Gunter recently.
** See Friday's Observer for the full story **
** Follow the Observer on Twitter @Observer_sports **