Madejski Sold out and failed again

[Ian Royal]

Anyone can say they've got a source. Anyone can name a source. Doesn't mean they've got one or what they're saying is true. Hell, anyone can take a stab at predicting what's going to happen claiming to have a source and get lucky. Never just believe what someone tells you. Require evidence.

Multisync tossed me a bone via pm the other day. If it proves to be accurate I'll happily advise to boost his credibility.

[loyalroyaldaz]

FFS ian, its not about gaining credibilty is it?
Its just a case of Reading Fans who may or may not have a snippet of info that other Reading Fans might want to hear.
Im sure Mulitsync doesnt care less if people believe he is creditable or not and that goes for me as well but what pisses people off is the balling out they get for daring to put it out there.

[Royal Rother]

Best just to say "this is what I've been told, take it or leave it, up to you".

Not "FACT" (or WTTE).

[3points]

I reckon a lot of people with ITK sources will lose them once the SJM regime has departed. SJM, Howe and Wood-Smith are well known in local business circles and do talk about RFC

[Dawn]

SJM no longer in control at the club as a corporate rescue and recovery company are called in...

http://www.getreading.co.uk/sport/football/football-news/reading-fc-takeover-sir-john-7236882

Begbies Traynor Group (BTG), a firm who specialises in corporate rescue and recovery services, are now in charge of the sale of Reading FC.

BTG were called in last week by Reading's lenders (VIBRAC) and are now in the process of brokering a deal for the cash-strapped club.

Royals' chairman Sir John Madejski, who returns today having been away at the Football League's AGM in Portugal, is said to have handed all power to VIBRAC, who are owed £10 million by the club.

Chris Samuelson, the former Thames Sports Investment (TSI) director who left the board at Reading last Monday , confirmed the developments.

He said: "Sir John Madejski has handed power over to the lender.

"I hope the lender realises that the value of this club is little more than the deficit today when you consider all the parameters."

Reading is currently up for sale for just £1 although whoever buys the club has to agree to pay off the debt which currently totals around £21m.

There are currently several consortiums interested in taking control at the club as well as Indian businessman Mohit Burman .

Burman, who part owns Indian Premier League cricket team Kings XI Punjab, flew into the UK on Thursday and hopes to push forward his bid for Reading this week.

But he faces stiff competition from one of the interested consortiums who Samuelson announced are already deep in discussions with BTG.

"I'm aware of one party who are producing proof of funds," he said.

"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."

Turning his attentions to Anton Zingarevich , the former owner of Reading, Samuelson said the Russian was saddened by the club's current plight.

"Anton is very disappointed," he said.

"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."

He added: "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 per cent and the money to finance the team.

"There was a compromise agreement reached with his father Boris Zingarevich to help finance the club."

[tidus_mi2]

"I'm aware of one party who are producing proof of funds," he said.

"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."

For all intents and purposes, and factoring in a slight distrust for CS, if what is said here is true then we'll have certainly come out of this whole farce in a very positive position, that hinges on these promises being delivered of course, it could always end up being Anton v2

[Snowball]

Hang on a mo.


Anton was going to pay 25 Million

He paid 12.5 Million but didn't pay the second half



Now "anyone" could buy the club for £1


If ANTON bought it for £1, that would mean he bought Reading for 12.5 Million, in one sense 100% profit.

Someone, theoretically needs 50 Million, but I presume a fair chunk of that is money owed to JM, AZ and Boris

So, forgive me for being naive, Anton bungs in a quid. Sold. He owes himself and his Dad. Put that aside.
Then do they just need say 25 Million? 20 Million for the debt, 4 Million for The Academy?

Anyone have a breakdown of what the debts are and to whom?

[Snowball]

And agree a deal to pay JM £1M a year to clear his debt.

[Uke]

"I'm aware of one party who are producing proof of funds," he said.

"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."

For all intents and purposes, and factoring in a slight distrust for CS, if what is said here is true then we'll have certainly come out of this whole farce in a very positive position, that hinges on these promises being delivered of course, it could always end up being Anton v2

TSI no doubt were able to show they had "deep pockets" and "funds"

Since when has being owned by an "Investment Company" ever turned out well for a club?

Alarm bells?

[Green]

You can tell Martin, he's a doctor.

A doctor of what?

[Angry Shed Sex]

You can tell Martin, he's a doctor.

A doctor of what?

He's 2nd on the right.

[melonhead]

You'd have to be a total idiot to reveal who leaked any inside gossip, and you'd have to be an even bigger idiot to expect people to.

Agreed

But also a complete idiot to just believe random un sourced shite...
Which makes it a bit pointless posting it

[PieEater]

[But also a complete idiot to just believe random un sourced shite...
Which makes it a bit pointless posting it

Agreed Brendy, why do you do it?

[melonhead]

I don't.

[Ian Royal]

FFS ian, its not about gaining credibilty is it?
Its just a case of Reading Fans who may or may not have a snippet of info that other Reading Fans might want to hear.
Im sure Mulitsync doesnt care less if people believe he is creditable or not and that goes for me as well but what pisses people off is the balling out they get for daring to put it out there.

Most people also want to know who's telling the truth and who's billy bullshiter

[Man Friday]

Hang on a mo.


Anton was going to pay 25 Million

He paid 12.5 Million but didn't pay the second half



Now "anyone" could buy the club for £1


If ANTON bought it for £1, that would mean he bought Reading for 12.5 Million, in one sense 100% profit.

Someone, theoretically needs 50 Million, but I presume a fair chunk of that is money owed to JM, AZ and Boris

So, forgive me for being naive, Anton bungs in a quid. Sold. He owes himself and his Dad. Put that aside.
Then do they just need say 25 Million? 20 Million for the debt, 4 Million for The Academy?

Anyone have a breakdown of what the debts are and to whom?

Well put. I have the same queries.

[Huntley & Palmer]

It seems that VIBRAC are pretty much responsible for the funding of a large amount of Prem teams if this article is anything to go by. https://www.westhamtillidie.com/posts/2 ... orporation

On Wednesday the Sun carried a small story that was probably missed by most football fans. The unassuming piece explained that West Ham had cleared its existing loan with the mysterious Vibrac Corporation and then immediately took out a new loan which they claimed could be as much as £70 million.

In March this year, Nick Harris from the Daily Mail wrote a story how West Ham had reached an agreement with this offshore lending company in the British Virgin Islands to borrow all £60million of our current season’s Premier League television money in advance.Nick claimed at the time that the revelation that West Ham set up this facility in September last year underlined why West Ham’s owners were at the forefront of campaigners within the League’s 20 clubs to bring in Financial Fair Play spending restrictions on wages this season.

Stories about the Vibrac Corporation are nothing new. Everton borrowed £13 million back in 2011 at a rate of 10% interest and have renewed that facility every year since.
A copy of the Everton mortgage documentation for that transaction filed with companies house can be found here

It is not known who owns the Vibrac corporation but they are based in the same building as BCR Sports, the company through which Robert Earl controls his stake in Everton FC.

In April 2012, a facility was also provided to Southampton by the Vibrac Corporation. Saints fans called for transparency over a mysterious financial document lodged by the club at Companies House at the time.

In April this year, a similar facility was also provided to Fulham to enable the club to borrow against future guaranteed income. However it is claimed this facility was settled early when Shahid Khan purchased Fulham last month.In the Fulham transaction they authorised the Premier League to pay £16million into Vibrac’s account with Barclays. Fulham put up Craven Cottage itself as security for the loan. In the draft mortgage document submitted to Companies House, an accountant named Robert Heppel is named as a witness to Vibrac’s side of the agreement.

So if the Daily Mail & Sun stories about West Ham’s dealings with Vibrac are taken at face value we could have borrowed up to £130 million as ‘pay day loans’ from Vibrac Corporation over 2 years and we could be paying as much as £13 million in interest if the 10% fee from Everton 2011 loan is anything to go by.

If the interest paid by West Ham is anything close to £13 million I see many questions being asked of our board of directors .

All should be made clear soon as WH Holding Ltd will need to submit their financial accounts year ending 31st May 2013. The first loan and any interest paid will need to be declared in those accounts.

Last year’s accounts weren’t published on the companies house website until 28th Feb this year so we have some time to wait before we know the true extent and scale of our mysterious dealing with Vibrac Corporation.

[Wycombe Royal]

Hang on a mo.


Anton was going to pay 25 Million

He paid 12.5 Million but didn't pay the second half



Now "anyone" could buy the club for £1


If ANTON bought it for £1, that would mean he bought Reading for 12.5 Million, in one sense 100% profit.

Someone, theoretically needs 50 Million, but I presume a fair chunk of that is money owed to JM, AZ and Boris

So, forgive me for being naive, Anton bungs in a quid. Sold. He owes himself and his Dad. Put that aside.
Then do they just need say 25 Million? 20 Million for the debt, 4 Million for The Academy?

Anyone have a breakdown of what the debts are and to whom?

"Anyone" could not buy Reading FC. I hope that clears that up.

The sale price is the debt plus a nominal amount, although Vibrac are apparently asking for a bit more. The buyer would have to go through all the normal tests and provide proof of funds. I have no idea where you got the £50m figure from.

[Ian Royal]

Hang on a mo. Anton was going to pay 25 Million

Yep.

He paid 12.5 Million but didn't pay the second half

Yep

Now "anyone" could buy the club for £1

Nope, any buyer has to pay off our debt. Last season's accounts show £19.3m owed to TSI, £9.8m owed to SJM. We've been told recently the club has £21m debt (not sure how we've got down to that in a year where there's the square root of bugger all chance we made a profit). We've been told the club took out a loan with Vibrac against £10m worth of the parachute payments, interest may eat up much of the rest of it when we do receive it.

If ANTON bought it for £1, that would mean he bought Reading for 12.5 Million, in one sense 100% profit.

Erm, yay. He'd own 100% of the club, which with its debts is basically worth nothing. Still be owed whatever is left of his £19.3m loan. No change there then. Owe SJM whatever's left of his £9.8m loan (worse off), owe Vibrac £10m & change (worse off), probably owe the bank a few £m and possibly also HMRC a few £m. (both worse off)

I'm not sure what sense that is profit.

IfSomeone, theoretically needs 50 Million, but I presume a fair chunk of that is money owed to JM, AZ and Boris

If you want to buy us you need (allegedly) £21m to pay off our debts, £1 to buy all the shares and then a metric fukton to invest into keeping the club going and making it sustainable or more successful.

So, forgive me for being naive, Anton bungs in a quid. Sold. He owes himself and his Dad. Put that aside.

Plus the rest of what's owed. But ok, not really sure why he'd want this seeing as he can't afford to run us and daddy doesn't want to be involved. But happy to put it to one side.

Then do they just need say 25 Million? 20 Million for the debt, 4 Million for The Academy?

Oh right, we're doing the debt here. No, they'd need to pump in something like between £5m and £15m a season to keep us going because of over inflated wage bill and other costs we have.

Anyone have a breakdown of what the debts are and to whom?

Try looking here. http://hobnob.royals.org/forum/viewtopic.php?f=2&t=121887

[Royal Rother]

Unlike many posters on here (ooof) I do understand the last filed Balance Sheet at Co's House inside out but quite frankly the numbers Samuelson talked about with Dellor don't make any sense to me.

There's something(s) missing from the information we have to hand and far too much to even bother trying to make an educated (let alone uneducated) guess at what those missing factors might be.