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Reading Confirm Zingarevich's Departure From The Board

Mon 2nd Jun 2014 | Clubs Ownership

Reading have confirmed that Russian owner Anton Zingarevich has left the board after putting the Championship club up for sale last week.

Zingarevich put the club up for sale for £1 following their failure to secure promotion to the Premier League via the play-offs but Reading’s £38m of debts may be off putting to potential investors.

However, there are two parties rumoured to be interested, Israeli billionaire Teddy Sagi and Indian businessman Mohit Burman, who part owns the Kings XI Punjab, the Indian Premier League (IPL) cricket team.

The club also have a £1.6m tax bill outstanding and is believed to be the main reason behind the sale of Adam Le Fondre to Cardiff City.

“It was never my intention to leave,” Le Fondre told a local newspaper.

“The club is struggling financially and haven’t been able to offer me a new contract which I thought was coming last year.

“Then a bid came in from Cardiff and because of this tax bill it was too good to turn down.”

Chairman Sir John Madejski, released a statement today to calm speculation over the club’s future.

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

“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.

“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.”

Image: Action Images / Lee Mills

Posted by: Aaron Gourley 

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