Anton Zingarevich "saddened"

[Stooper]

http://www.bbc.co.uk/sport/0/football/27735136

Anton Zingarevich 'saddened' by Reading plight

Former Reading majority shareholder Anton Zingarevich is "saddened" by the Championship club's situation, but a takeover is close, according to departing director Chris Samuelson.

Zingarevich bought 51% of Reading in May 2012 and had been due to complete a full takeover in October last year.

However, the Russian pulled out of the deal and the club have been looking for new investment ever since.

"Anton is very disappointed," Samuelson told BBC Radio Berkshire.

"He is still a big supporter of Reading Football Club. However, circumstances change, but he still feels a great warmth to the club and is very sad he did not deliver and let the stakeholders down."

Samuelson, whose exit from the board was announced this week, confirmed the club were around £20m in debt and any new owner should expect to make an initial £50m investment.

However, after receiving several "firm offers" which were turned down by the shareholders he said the club's lenders, who were now brokering a deal for Reading, were close to finalising terms.

"Reading chairman Sir John Madejski has handed power over to the lender," added Samuelson. "I hope the lender realises that the value of this club is little more than the deficit today when you consider all the parameters.

"I'm aware of one party who are producing proof of funds as we speak. They have submitted an offer with a timescale of it to be done very fast.

"They are an investment company and have substantially deep pockets. They have offered to clear the debt, buy the hotel and invest in the team so they can challenge for promotion and invest in the new training ground, Bearwood. They are serious contenders."

Samuelson also confirmed the interest of Indian businessman Mohit Burman, who is part-owner of IPL cricket team Kings XI Punjab, adding: "Whether they realise the extent of money needed to invest in Reading FC, I don't know."

Since Zingarevich became involved with the club in January 2012, Reading have been promoted to the Premier League and relegated back to the Championship.

Promotion to the top flight in 2012 earned the Royals an estimated £90m, with half of that money coming from television-related revenue, but they missed out on an immediate return to the Premier League this season.

Samuelson said their debt was "generated by the residue of being in the Premier League", and also revealed why Zingarevich had withdrawn his interest in the club.

"When Reading were promoted it had to rely on the resources it had," he said.

"It did not get any extra investment from Anton Zingarevich which had originally been expected. The only way to bolster the team was to borrow money. Loans were arranged and secured on Premier League payments.

"The hope was Anton would be able to arrange additional finance, which he said he would do. The club had hoped to move on some players which did not happen. Underneath the top tier of players the market was very dead last summer.

"Anton told me he had some issues of his own back in Russia and that is why he found himself in the awkward position of not having the money for the remaining 49% and the money to finance the team. There was a compromise agreement reached with his father Boris Zingarevich to help finance the club."

[AthleticoSpizz]

Somehow, my heart bleeds purple p1ss.

Maybe Anton can start up the Royals Supporters Club (Russian division)

[starbug]

wouldn't trust Samuelson as far as I can could throw him

[floyd__streete]

I am also saddened.....that Zingarevich, TSI and his weasel henchmen got involved with the club at all.

[Gunny Fishcake]

What a load of bollox thieving cheating oxf*rd

[EverHopeful]

Not as saddened as me - cheating lying oxf*rd Russian upstart

[Arnie_Pie]

Saddened? oxf*rd you.

[leon]

That said, I'd like to sniff his wife's knickers.

[Reading4eva]

I'm sad then I become happy when he was Fing Off

[wingnut]

Amongst all the platitudes, this

"Reading chairman Sir John Madejski has handed power over to the lender,"

worries me

[Scutterbucketz]

Seeing as he's been kicked off the board for being a money hungry, little four eye gnome fukk, why is he even talking about the club like he's still in a position of power?

[Delboy]

Anton was given £25 m by his father, when he went back for more his father refused and told him to sell, that's when our trouble started! SJM stuffed as due diligence showed family were billionaires.
Our problems started with Anton, however SJM needs to be realistic, his shares are worthless, I think he is trying to make sure RFC is secure long term so his legacy is not damaged.

[Ian Royal]

Seeing as he's been kicked off the board for being a money hungry, little four eye gnome fukk, why is he even talking about the club like he's still in a position of power?

We've no information to say he was kicked off the board, the move could have been entirely voluntary for some reason. Some already discussed elsewhere.

[mumbo-jumbo]

You all witter on for information and clarity from the club and owners: when those statements are forth coming you throw it back in their faces and tell them to f-off. Childish responses at best. This strikes me as a fairly straightforward attempt to clear the air and the questions hovvering over why Anton suddenly disappeared. I'm sure he is 'saddened' to some extent. I think he would have liked to carry on playing football club owners for a little longer. I don't believe his is inherently a bad person, just a naive/mis guided one who got in too deep. I take some comfort from this statement - a deal appears close that may be able to dig us out of this hole we are in and who knows, even buy us a striker. I have no idea where SJM stands in regard to this deal being completed, but he surely is looking for an exit strategy asap. He isn't a spring chicken anymore

[JC]

Anton was given £25 m by his father, when he went back for more his father refused and told him to sell, that's when our trouble started! SJM stuffed as due diligence showed family were billionaires.
Our problems started with Anton, however SJM needs to be realistic, his shares are worthless, I think he is trying to make sure RFC is secure long term so his legacy is not damaged.

Surely he has accepted his shares are worthless given that the club is up for sale for £1

[multisync1830]

Anton was given £25 m by his father, when he went back for more his father refused and told him to sell, that's when our trouble started! SJM stuffed as due diligence showed family were billionaires.
Our problems started with Anton, however SJM needs to be realistic, his shares are worthless, I think he is trying to make sure RFC is secure long term so his legacy is not damaged.

Surely he has accepted his shares are worthless given that the club is up for sale for £1

by multisync1830 » 08 Oct 2013 10:47

When AZ first invested I assumed he was an asset stripper out to fleece the club. I now believe he is a dreamer who genuinely wanted to own a football club (first Everton remember) . He has after all invested around 20m into RFC so he shouldn't be taken too lightly. A 'billionaire' or a least billionaire backers simply don't need time to find 25m. That's chicken feed and that alone should have made the deal suspect as he patently wasn't a fit and proper person to own the club.
Unless it was shown the remainder + substantial liquidity was/would be freely available in due time. So he either was creative with the accounts, fibbed/believed that daddy would bail him or the Fit and proper person investigation was a farce.
SJM couldn't afford to refuse the offer as he was in big trouble. The print works was going bust to the tune of 100m and he himself was apparently in line for a 60m nosebleed. That makes all sorts of people do all sorts of things. He took a gamble that half now half later would work. He did get the first half but he won't get the second. Or at least not from AZ

Either way AZ is toast as far as RFC is concerned and he is looking to back out asap with as little financial damage as possible. This maybe

1 no loss - buyer pays what he paid = he's gone
2 big loss- 20m + covering costs as he hands back his 51% = he's gone
3 profit - buyer pays more than the 20m + costs. = he's gone

From what I have been told number 2 is the most likely

[Ginger_Blitz]

Thought it was supposed to be 25m in total for the club? - 12.5 million was paid & he could not find the remaining 12.5m

[Ian Royal]

Thought it was supposed to be 25m in total for the club? - 12.5 million was paid & he could not find the remaining 12.5m

Yes, but he's also owed some fairly hefty loans in addition to the £12.5m he spent buying 51% of the club. Unless he leveraged that against the value of the club somehow.

[Royal Biscuitman]

Seeing as he's been kicked off the board for being a money hungry, little four eye gnome fukk, why is he even talking about the club like he's still in a position of power?

We've no information to say he was kicked off the board, the move could have been entirely voluntary for some reason. Some already discussed elsewhere.

Maybe he saw the ship was heading to the rocks and by jumping ship he can argue that he was denied the chance to steer it away and thus enhancing rather than destroying his reputation

[Extended-Phenotype]

It's not really AZ I'm worried about, it's Chris "resigned from TSI, joined Phoenix" Samuelson.