Madejski comments on club ownership

[3points]

I know for a fact that SJM needed cash to bail out Sackville Properties, otherwise it was going into administration. So he took the cash available from AZ at the time. I think he probably did have some concerns through his DD which is why he only sold a 51% stake, and didn't sell the hotel either. If it wasn't a "concern" then AZ never had the money to buy everything at the time, which should have raised alarm bells. But desparate men do desparate things. Can't fault SJM trying to save his main business venture - RFC just happened to be the pawn in the middle

[dogzbollox]

SJM has cocked up here, he was expecting takeover to happen well in time for funds to be made available and thus broadcast this to the fans.

I still do not see why he can't put his money where is mouth is and front a spending spree and get new owners to pay it back as part of the takeover. Gives us more chance of going up and gives NA some funds which i am sure he was promised when he joined

Thought you were a retard, you've just confirmed it.

The retard comment is offensive but I have to agree with the sentiment, by that I mean if you were selling your house and it was valued at £250,000 but told prospective buyers I'm going to redecorate, landscape the front garden & build a pergola in the back garden...I'll just be adding the additional 20k onto the final agreement.......que senor?

[RepressedRoyal]

SJM has cocked up here, he was expecting takeover to happen well in time for funds to be made available and thus broadcast this to the fans.

I still do not see why he can't put his money where is mouth is and front a spending spree and get new owners to pay it back as part of the takeover. Gives us more chance of going up and gives NA some funds which i am sure he was promised when he joined

Thought you were a retard, you've just confirmed it.

The retard comment is offensive but I have to agree with the sentiment, by that I mean if you were selling your house and it was valued at £250,000 but told prospective buyers I'm going to redecorate, landscape the front garden & build a pergola in the back garden...I'll just be adding the additional 20k onto the final agreement.......que senor?

Retard is indeed an offensive word but bordering on worthy in this instance.

[RepressedRoyal]

I know for a fact that SJM needed cash to bail out Sackville Properties, otherwise it was going into administration. So he took the cash available from AZ at the time. I think he probably did have some concerns through his DD which is why he only sold a 51% stake, and didn't sell the hotel either. If it wasn't a "concern" then AZ never had the money to buy everything at the time, which should have raised alarm bells. But desparate men do desparate things. Can't fault SJM trying to save his main business venture - RFC just happened to be the pawn in the middle

I remember seeing that weir documentary about him a few years back and it appeared at the end had was scrambling for cash and was really deflated when went down in 2008.

I don't know anything about his ventures but it always used to make me laugh when he used to bleat on about footballers earning so much money when, all said and done, he made his money scamming an American car magazine.

Fair play to him for that but sometimes I think that people on here see JM as some ace business brain who is a major player in the world of business and finance. He isn't.

I totally agree that he took that Russian cash as a desperate man and wouldn't surprise me if he is in big financial trouble. A buyer is probably need pretty quickly as if we don't go up, debt escalates at the same rate as wealth.

[loyalroyaldaz]

I know for a fact that SJM needed cash to bail out Sackville Properties, otherwise it was going into administration. So he took the cash available from AZ at the time. I think he probably did have some concerns through his DD which is why he only sold a 51% stake, and didn't sell the hotel either. If it wasn't a "concern" then AZ never had the money to buy everything at the time, which should have raised alarm bells. But desparate men do desparate things. Can't fault SJM trying to save his main business venture - RFC just happened to be the pawn in the middle

I remember seeing that weir documentary about him a few years back and it appeared at the end had was scrambling for cash and was really deflated when went down in 2008.

I don't know anything about his ventures but it always used to make me laugh when he used to bleat on about footballers earning so much money when, all said and done, he made his money scamming an American car magazine.

Fair play to him for that but sometimes I think that people on here see JM as some ace business brain who is a major player in the world of business and finance. He isn't.

I totally agree that he took that Russian cash as a desperate man and wouldn't surprise me if he is in big financial trouble. A buyer is probably need pretty quickly as if we don't go up, debt escalates at the same rate as wealth.

Correct.
I do know people who know him and he is indeed in the poo.
Add that to his massive Ego and here we are.
I was abused on here, not that thats unusual, about him wanting the ground name to stay the same but i know 100% that it has been an issue before.
Nobody has to believe me and i couldnt care less if you dont but to me it says alot about the man.

[Ian Royal]

Rule number 1 : Do your DD

Rule number 2 : You can only do DD on what you are shown

Rule number 3 : DD being done fully and thoroughly doesn't guarantee things will be fine.

[Harpers So Solid Crew]

Correct.
I do know people who know him and he is indeed in the poo.
Add that to his massive Ego and here we are.
I was abused on here, not that thats unusual, about him wanting the ground name to stay the same but i know 100% that it has been an issue before.
Nobody has to believe me and i couldnt care less if you dont but to me it says alot about the man.

Must be awful to only have assets that most on here can dream of. Yes he has troubles in some of his business, but he is by no means broke. Any chance of your reply being in English?

[Royal Biscuitman]

Lost a lot on the Station Area redevelopment - bought the derelict buildings before the market crashed, had to sell them at a loss.... still, he made a fair bit on that Degas statue.

[maffff]

Rule number 1 : Do your DD

Rule number 2 : You can only do DD on what you are shown

Rule number 3 : DD being done fully and thoroughly doesn't guarantee things will be fine.

The first rule of due diligence is: You do not talk about due diligence. The second rule of due diligence is: You do not talk about due diligence. Third rule of due diligence: Someone yells stop, goes limp, taps out, due diligence is over.

[Royal Biscuitman]

Rule number 1 : Do your DD

Rule number 2 : You can only do DD on what you are shown

Sometimes the things you don't find/see or hear tell you more.

Perhaps potential buyers have done their DD on the club and it's owners and backed away before even making contact.

[Cureton's Volley]

"One John Madejski" + applause near the end sung with the most (non promotion related) feeling & passion since when we all knew Kev Watson was off (against our will) and gave him that mighty send off.

I also believe JM may have been lucky to be where he is today... but what is important is that he never left us behind as he became more successful. He is a true RFC legend who we should all respect.

[Ian Royal]

Rule number 1 : Do your DD

Rule number 2 : You can only do DD on what you are shown

Sometimes the things you don't find/see or hear tell you more.

Perhaps potential buyers have done their DD on the club and it's owners and backed away before even making contact.

Don't you require full on internal accounts details to have any hope of doing a proper due dilligence. If so that would be quite hard.

[multisync1830]

I know for a fact that SJM needed cash to bail out Sackville Properties, otherwise it was going into administration. So he took the cash available from AZ at the time. I think he probably did have some concerns through his DD which is why he only sold a 51% stake, and didn't sell the hotel either. If it wasn't a "concern" then AZ never had the money to buy everything at the time, which should have raised alarm bells. But desparate men do desparate things. Can't fault SJM trying to save his main business venture - RFC just happened to be the pawn in the middle

The bold I agree pretty much

The non bold I don't necessarily share your conclusions.

The hotel has been touted round for a couple of years but the major stumbling block is that he wants to keep the FH of the flat which makes demarcation tricky as all the services are fed via the hotel. The flat is also a prime piece of selling space either as rooms or serviced apartment(s) which is partly why any new owners want him out
He also has had the Galapagos hotel for sale for some time but not sure if it's sold?
I suspect he sold half because that was all TSI could afford at the time not because he wanted to protect his or the clubs interests. I believe he would have sold the lot if TSI had the funds available back In 2012.

Either way as an owner he has been the best thing to happen to RFC and I wonder given the choice how many would prefer to have stayed at Elm park?

[Royal Biscuitman]

I know for a fact that SJM needed cash to bail out Sackville Properties, otherwise it was going into administration. So he took the cash available from AZ at the time. I think he probably did have some concerns through his DD which is why he only sold a 51% stake, and didn't sell the hotel either. If it wasn't a "concern" then AZ never had the money to buy everything at the time, which should have raised alarm bells. But desparate men do desparate things. Can't fault SJM trying to save his main business venture - RFC just happened to be the pawn in the middle

I presume he was unable to sell 49% then?

[Royal Biscuitman]

Rule number 2 : You can only do DD on what you are shown

Sometimes the things you don't find/see or hear tell you more.

Perhaps potential buyers have done their DD on the club and it's owners and backed away before even making contact.

Don't you require full on internal accounts details to have any hope of doing a proper due dilligence. If so that would be quite hard.

You can make enquiries about those your getting into business with, much like a good scouting network looks beyond what a player does on the pitch or in training.

[bcubed]

"One John Madejski" + applause near the end sung with the most (non promotion related) feeling & passion since when we all knew Kev Watson was off (against our will) and gave him that mighty send off.

I also believe JM may have been lucky to be where he is today... but what is important is that he never left us behind as he became more successful. He is a true RFC legend who we should all respect.

It was indeed, as was "John Madejski's magic etc"

This was prefaced by "Anton Anton give us a wave!!"

[bcubed]

"One John Madejski" + applause near the end sung with the most (non promotion related) feeling & passion since when we all knew Kev Watson was off (against our will) and gave him that mighty send off.

I also believe JM may have been lucky to be where he is today... but what is important is that he never left us behind as he became more successful. He is a true RFC legend who we should all respect.

It was indeed, as was "John Madejski's magic etc"

This was prefaced by "Anton Anton give us a wave!!"

And i nearly forgot

"We've got a skint f*cking Russian!"

[Big Ern]

I still do not see why he can't put his money where is mouth is and front a spending spree and get new owners to pay it back as part of the takeover. Gives us more chance of going up and gives NA some funds which i am sure he was promised when he joined

...... You are an utter spastic.

[Cureton's Volley]

"One John Madejski" + applause near the end sung with the most (non promotion related) feeling & passion since when we all knew Kev Watson was off (against our will) and gave him that mighty send off.

I also believe JM may have been lucky to be where he is today... but what is important is that he never left us behind as he became more successful. He is a true RFC legend who we should all respect.

It was indeed, as was "John Madejski's magic etc"

This was prefaced by "Anton Anton give us a wave!!"

And i nearly forgot

"We've got a skint f*cking Russian!"

And before that:

"We're not Real Madrid,
We're not Barcelona,
We are Reading Football Club and WHO the fúck's our owner?"

[Eaststandman]

Ironically recorded and released by the 'Fortunes' many years ago, 'You've got your troubles, I've got mine'
Our version, thanks to AZ could go along the lines of,

'I've seen that worried look upon your face, you've got no roubles, you've got mine, Can't find nobody else to take your place, you've got no roubles, you've got mine'

etc