Confimred new owners of Raeding Footbal Club

[jellytot]

I wonder why Burman want a private chat with SJM? Maybe owning 49% is a good starting point. He can buy the other buggers out as and when.

[paddy20]

don't believe for a second anton returned any shares to Madejski. He just resigned and redistributed his shares to Samuelson and Oblensky.

or these clauses re: MTI and then having jurisdiction. These rumoured demands are all just because they hold the most valuable part of the company.

This is what I think is going on

TSI is 51% of the ownership, therefore defacto these are the important shares. This is the sole reason they have control over the sale, theirs are the only shares that matter if your immediate aim is control of the club. Madejski will sell as well just because he doesn't want his wealth tied up in the club anymore.

I have doubts over the legality that anyone can hold any say over the shares Madejski holds in RFC Holdings that could stand up in court, it's a different entity.

Now comes seriously vague speculation (above is just speculation ), would Madejski consider selling his shares directly to Burman? Maybe this is what the rumoured meeting is about.

49% isn't 51% but it's a foot in the door & saves the club as there is nothing that says he can't put money into RFC Ltd and he can chip away at TSI. If he's what he says he is and he's in it for the sport is there any reason this could not happen? (I have no reason to doubt the guy, he has a good reputation but really who knows with these billionaires. They all seem to be sociopaths)

Cant see that happening. Billionaires, by their very own nature, tend to be control freaks. Cant see any reason, other than the TSI directors are looking for a payoff that TSI wouldn't want to sell. If the two Directors in question are on £20k pw for 2 years it means the buyers will need to put in another £1m to get rid of them. Couldn't see that being a major stumbling block. I think the more likely scenario is that the club are playing one off against the other( Sagi and Burman). This can be a risky strategy but with the past record of poor management at Reading can see it all going belly up because our directors think they are brighter than they really are!

[Royal Rother]

What, after he's injected £50m, taken the club to the PL and increased the value of the shares despite having no ultimate control?

So many reasons why that would never happen.

[ZacNaloen]

I get that, I just don't see the point of meeting SJM unless he's considering it, he can't do anything about the TSI shares.

[CholseyRoyal]

I get that, I just don't see the point of meeting SJM unless he's considering it, he can't do anything about the TSI shares.

I wonder if this may have something to do with it?

http://t.co/OsOTdSpRgK

Maybe Burman can't get the info he wants from MTI.

PS if the tweet shows up like mine in Safari, hit the back arrow not the Done button

[Millsy]

What concerns me is the almost deafening silence by all parties regarding Gylfi's return.

Where does all this leave that deal?

We deserve to know.

[melonhead]

Complicated business takeover in being complicated shocker

[Schards#2]

As Royal Rother says, no one is going to pay decent money for a 49% share when someone else owns the other 51% in its entirety. You have as much control as if you held 1%.

My best guess would be that the meeting with SJM is to discuss who would be responsible for the costs involved in buying out the contracts of the two leeches representing TSI. £40k pm for for two uears equates to a £960k lump sum which, in the overall scheme of things isn't huge. I would hope a deal could be struck even if it sticks in the throat.

[tee peg]

basically, we're f ucked

not according to a text alert just sent out from the club.........

[HoneyRoastHoax]

TBF to Shards he's got it right if the rumours are true.

If the two directors aren't willing to simply step down, which is actually fair enough, they are entitled to ask for a payout.

All we know is titbits which journalists have fed us so it should all be taken with a massive pinch of salt. For all we know TSI may be working really hard to get us the best deal from the best buyer.

[tee peg]

AO and CS have earned their wage IMO. We've had 4 or 5 potential buyers this year that they've found. I'm willing to bet that in the entire 20 years pre-Anton SJM had less interest than what we've had in the last 6 months.

They're using their global contacts to find potential buyers.

They have resigned according to the club....

[HoneyRoastHoax]

As Chairman, I would like to confirm that we have the necessary funding in place to safely take the club forward.

Together, we continue to look for new ownership of the Club and, as the wealth of speculation can attest, there has been plenty of interest but no firm offers.

However, it is imperative that there is no rush to judgement and that we take the necessary time in choosing the right person for the future of Reading Football Club.

While there is no takeover with any new investors, the process is ongoing. I would like to take this opportunity to assure our fans that the club is secure going forward.

The club can announce that Directors Anton Zingarevich, Christopher Samuelson and Andrew Obolensky have left the board.

I would also like to thank our supporters for their trust and patience during this period and their loyalty in renewing their season tickets for the 2014-15 season.

During my 24-year tenure as Chairman, I have always tried to be as open as possible with our fans - the lifeblood of this club - and as always we will continue to keep our supporters fully informed at every turn.

However, I am sure everyone can appreciate that it would not be appropriate for me or anyone at the club to comment any further on matters regarding potential ownership and investment at this point in time.

[tee peg]

A step in the right direction.

[Royalwaster]

As Chairman, I would like to confirm that we have the necessary funding in place to safely take the club forward.

Together, we continue to look for new ownership of the Club and, as the wealth of speculation can attest, there has been plenty of interest but no firm offers.

However, it is imperative that there is no rush to judgement and that we take the necessary time in choosing the right person for the future of Reading Football Club.

While there is no takeover with any new investors, the process is ongoing. I would like to take this opportunity to assure our fans that the club is secure going forward.

The club can announce that Directors Anton Zingarevich, Christopher Samuelson and Andrew Obolensky have left the board.

I would also like to thank our supporters for their trust and patience during this period and their loyalty in renewing their season tickets for the 2014-15 season.

During my 24-year tenure as Chairman, I have always tried to be as open as possible with our fans - the lifeblood of this club - and as always we will continue to keep our supporters fully informed at every turn.

However, I am sure everyone can appreciate that it would not be appropriate for me or anyone at the club to comment any further on matters regarding potential ownership and investment at this point in time.

LOL thought you'd invented that, as the bit about AZ, CS and AO leaving the board seemed too good to be true. But it's also on the OS so must be true. Interesting.

[The Rouge]

Honey Roast Hoax - you are John Madejski AICMFP

[Extended-Phenotype]

Holding a 51% majority of the shares does not necessarily give you meaningfully more control of the company.

Minority shareholders usually receive protection from majority shareholder actions that are counter to the minority's interest and most decisions are made by the board of which the majority shareholder has equal footing to any other board member.

At least, that's my recollection of the ole 49-51 shenanigans.

[Angry Shed Sex]

Does that mean the neither Christopher Samuelson or Andrew Obolensky have the power to dictate extended gravy for themselves? It doesn't really make that clear. I'm presuming they are still getting paid.

[Royal Lady]

Twitter says AZ, CS and AO have left the board! Yay!!!!!

[melonhead]

cant take a directors salary if you arent a director.
but yeah, all/most/some of that conract will probably have been paid up to get em out- which ammounts to the same thing

[HoneyRoastHoax]

Honey Roast Hoax - you are John Madejski AICMFP

Yeah, realised should have done the old bunny rabbit ears on that one.

Shows the ITK merchants are just puppets of journo's who stir up the weak to sell papers