Reading, in the next few weeks, are due to be taken over by Thames Sports Investment (TSI) led by Russian Anton Zingarevich, son of wealthy Boris who has made his money in the paper industry. Most fans of the club have jumped on-board the new ownership bandwagon without giving much thought to the new owners.
So far, T.S.I. have given new contracts to manager Brian McDermott and winger Jimmy Kebe, brought in defender Matthew Connolly on loan from Queens Park Rangers and signed experienced striker Jason Roberts from Blackburn. Combined with yet another promotion push for the Premier League, the feel good factor has once again returned but what do we actually know about T.S.I.?
Well, Chris Samuelson, who will join the current board once the deal has been completed was involved in a deal to takeover Everton a few years back and failed for reasons that have never come out. The group, Fortress Sports Fund was headed by Antonai??i??s dad Boris who withdrew the transaction. Boris may be a rich man but we donai??i??t know if Anton, who was educated in the local area has any independent wealth of his own.
Samuelson, in a press conference held by the club, said T.S.I. would be buying a 51% share of the club for A?40 million but when interviewed by Nick Harris of Sporting Intelligence, Samuelson said that this deal would involve A?12.7 million being paid now, with an obligation to pay A?12.3 million more by September 30, 2013, for the remaining 49%. That means they get 100% of the club for A?40 million. We arenai??i??t even sure if itai??i??s current chairman Sir John Madejski who has put up the cash on the basis of the deal being completed for Readingai??i??s new signings, or if itai??i??s a small advance from T.S.I. as an incentive for completing the deal. We will just have to presume then that he has confidence that the new owners will pass the Fit and Proper Personai??i??s Test to run a football club.
Sir John Madejski will remain at the club and until at least 2014, will remain chairman becoming life president when he steps down. The hope is that Reading continue along the same spending ways that have seen the club as one of the best examples of how to run a football club in the past twenty years that he has been at the helm.
Time will tell if Zingarevich tries to become too involved and try to do McDermottai??i??s job for him in a way that Roman Abramovich seems to do at Chelsea, or whether puts in place a manager not wanted by the fans at all like at Blackburn, or whether he is patient enough to stick to one for the long-term. The one thing the fans wonai??i??t want to see is the club being on the brink of extinction due to poorly planned and managed finances; something that has led to the downfall of Portsmouth. With situation at Portsmouth in the same league and Rangers in Scotland, the pessimism regarding ownership has certainly gone up a notch.
As Reading, on a current winning streak of seven straight wins, close in on West Ham United and Southampton, T.S.I. may have hit the jackpot in purchasing a club that will be playing Premier League football and all the riches it brings with it. They certainly would have had to pay more for the club if they were already in the top flight.
Reading must still travel to the leading two sides but that will not faze a side brimming with confidence with strength in every position of the pitch leading to a settled side. Goals are not so much of a problem as they were in the early part of the season and they have managed to keep the ability to break down sides and make them look poor much to the frustration of opposition supporters. Roberts and Connolly have certainly helped in this.
A test of the new owners will take place in the summer regardless of what division Reading are in. A place in the elite twenty of English football may well see fans demanding that money is spent to ensure top flight football is secured for years to come with a manger loved by the Reading faithful. T.S.I. look to be in a position where they can do no wrong but if they step out of line, the fans will quickly turn and demand answers.
Whatever happens in the next few years, the club is entering a new chapter and football fans being football fans, they are involved in the ride. Letai??i??s just see where Reading are come the summer and perhaps re-evaluate the situation then.
—–
Written by guest author Jamie Harden
Follow Jamie on twitter @MrCompo
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