Corporate recovery company Begbies Traynor have now taken over the sale of Reading FC from Sir John Madjeski. The club had to sell top scorer Adam Le Fondre to cover one tax bill and another one is due shortly.
Corporate recovery company Begbies Traynor have now taken over the sale of Reading FC from Sir John Madjeski. The club had to sell top scorer Adam Le Fondre to cover one tax bill and another one is due shortly.
Israeli billionaire Teddy Sagi was interested in the club, the Chelsea fan seeing it as a real estate play, but Indian businessman Mohit Burman looks most likely to take charge. Whoever acquires the club will inherit a debt of at least £20m (£38m according to some reports), but that is not huge for a club with the potential to get promoted to the Premiership.
Moreover, the club is said to be available for just £1, another sign of the way in which Championship clubs can become financially stretched as they seek promotion to the Premier League.