"The Reading Post" reports that Israeli billionaire Teddy Sagi is in talks to acquire Reading Football Club. The newspaper reports that last Wednesday Sagi flew by helicopter to the club's Madejski Stadium in Berkshire west of London. Reading FC is in the Championship, England's second-tier league.
Sagi is the founder of gaming software developer Playtech Cyprus Ltd. (LSE:PTEC), and is worth $2.5 billion according to "Forbes."
Reading has never won a league title, and its home stadium seats 25,000 spectators. The club was ranked seventh in the Championship League in the 2013-14 season, missing the Premier League promotion play-offs by one place on the final day of the season. The last time Reading played in the Premier League, in the 2012-13 season, the club lost £2 million on £59 million revenue, and had £38 million in debts at the end of June 2013.
Russian businessman Anton Zingarevich owns 51% of the Reading Football Club through Gibraltar registered Thames Sport Investment, and Sir John Madejski owns 49%. Madejski owned the club since 1991 and sold a 51% stake to Zingarevich in 2012.
"The Reading Post" says, "the talks are still are still at a relatively early stage but have been encouraging and that Sagi has very ambitious plans for the club."
Published by Globes [online], Israel business news - www.globes-online.com - on May 25, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014