TSI invest in Reading Football Club
Mon 23rd Jan 2012 | Clubs Ownership
Reading Football Club have announced they have agreed terms with Thames Sports Investment Ltd (TSI) to take a significant stake in the club.
The agreement was announced on Friday (20th) by chairman Sir John Madejski, in a statement released by the club:
“I am pleased to announce that I have today entered into an initial agreement with Thames Sports Investment that may lead to an investment in Reading Football Club.”
Having made the announcement, Sir John spoke to supporters on the pitch just before kick off at their game against Hull on Saturday (21st) outlining his hopes and aspirations for the club moving forward.
"This represents an incredible move forward if it comes off,” Sir John told supporters.
"At the moment we're doing due diligence and Heads of Agreement have been signed. It's not a deal until it's done, and it won't be a deal until the end of March. Hopefully everything will be fine - but that is the bottom line.
"When you sign Heads of Agreement, you sign in principle what you want to achieve. Then, the new shareholder will come in and look over everything to do with the football club and make sure they're satisfied that everything we've been telling them is right. Then we move forward, they become a shareholder and so on. That's the way that it works.”
Sir John reiterated his intention to remain as chairman of the club, stating:
"I have always said I will take the club as far as I can and stay Chairman as long as necessary. I'm delighted to say the new shareholders share the ambition the club has, they want to me to continue as Chairman for two more years at least, therefore there is no change at all.
"The club will still remain with its same ideology and principles. And it won't be a question of just throwing money at the club - that's not going to happen. It's going to be done in a prudent, sensible way - the Reading way. That is why they were attracted to this club - they could see it as a well-run club, which means a lot to them.”
He continued, "I still own the club but I've signed heads of terms, yesterday in fact, and time will tell when it unfolds, we've only signed heads of terms and I'm not in a position to divulge who or what and so on. When we've done a deal, then all will be revealed.
Having made the announcement, TSI the newly-founded private investment company, released a statement via Reading Football Club’s official website.
“Thames Sports Investment Ltd, a newly-founded private investment company, are very pleased to have signed Heads of Agreement with Sir John Madejski on Friday to acquire a significant holding in Reading Football Club.
“Our agreement is now subject to due diligence and the normal procedures from the Football League.
“The transaction is due to complete in March 2012, but the Heads of Agreement, as agreed with Sir John Madejski, includes providing Reading Football Club with some limited funding now to enable Brian McDermott and Nick Hammond to strengthen the playing squad during this January transfer window. TSI have met with Brian, Nick and the club to begin this process.
“TSI is also delighted that Sir John Madejski has agreed to remain Chairman of Reading Football Club until at least 2014, and to become Life President if and when he decides to step down.
“TSI wishes to emphasise that Reading Football Club's management team will remain unchanged, as will the fundamental policies of the club, including prudent fiscal management. Since Sir John Madejski took over at Elm Park in 1991 this club has rightly earned a first class reputation, on and off the pitch. TSI value and respect the ethos and approach held by everyone associated with Reading - the Chairman, staff, players and supporters.
“TSI's financial support aims to allow the club to retain its best players and acquire additional players as the football management team see fit. It will also enable the club to expand and further improve its successful Academy and scouting operations.”
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