Confimred new owners of Raeding Footbal Club

[Royal Lady]

I heard a snippet of the CS interview this morning - he mentioned 16% interest - isn't that quite steep? Wasn't it rumoured on here that we borrowed money from Vibrac against all of our parachute payments - but from what I heard from CS, that's wrong?

[ZacNaloen]

Yeh it was just a portion of the first payment, 10.1 million loan or there abouts

with the interest though it can't be far off all the payment.

[PieEater]

Since we're due another PP this month, that should cover the loan due in August shouldn't it?

[ZacNaloen]

Not sure, I don't think we understand the full picture

I've somewhere got the impression another loan had to be taken to pay HMRC

[WoodleyRoyal]

Corporate rescue and recovery company BTG were called in last week and are now in the process of brokering a deal for the cash-strapped club.

Begbies Traynor Group (BTG), a firm who specialises in corporate rescue and recovery services, are now in charge of the sale of Reading FC.

BTG were called in last week by Reading's lenders (VIBRAC) and are now in the process of brokering a deal for the cash-strapped club.

Royals' chairman Sir John Madejski, who returns today having been away at the Football League's AGM in Portugal, is said to have handed all power to VIBRAC, who are owed £10 million by the club.

Chris Samuelson, the former Thames Sports Investment (TSI) director who left the board at Reading last Monday , confirmed the developments.

He said: "Sir John Madejski has handed power over to the lender.

"I hope the lender realises that the value of this club is little more than the deficit today when you consider all the parameters."

Chris Samuelson sits alongside Sir John Madejski.
Reading is currently up for sale for just £1 although whoever buys the club has to agree to pay off the debt which currently totals around £21m.

There are currently several consortiums interested in taking control at the club as well as Indian businessman Mohit Burman .

Burman, who part owns Indian Premier League cricket team Kings XI Punjab, flew into the UK on Thursday and hopes to push forward his bid for Reading this week.

But he faces stiff competition from one of the interested consortiums who Samuelson announced are already deep in discussions with BTG.

"I'm aware of one party who are producing proof of funds," he said.

"They have submitted an offer with a timescale of it to be done very fast.


http://www.getreading.co.uk/sport/footb ... hn-7236882

[Terminal Boardom]

So the money men own the club and not SJM or anyone else. Nice work!

[Norfolk Royal]

Fat-arse-itis.
Basically he is the wrong shape to play football, shame but that's just how it is.
He is stealing a living, but fair play to him.

On that basis we ought to sign up Babapapa.

[SPARTA]

Not sure, I don't think we understand the full picture

I've somewhere got the impression another loan had to be taken to pay HMRC

And Boris has supposedly loaned us money too.

[Royal Lady]

So club owes VIBRAC £10 million, but the total debt could easily (and I thought it was) be more than that?

The £10 million is a parachute payment advance?

So much for a well-run club btw. AZ has run us into the ground.

[Yellowcoat]

The Evening Post article appears to be just a rehash of the radio interview with CS. But just enough for the some to embellish, add a few so called snippets from suspect ITK as 'facts' , and panic as usual.

[Ouroboros]

Begbies Traynor Group (BTG)

[SPARTA]

Burman still set for talks this week and also has to provide proof of funds, just as Phoenix are doing. Sounds like they're working at quite a pace. Hopefully the right decision is made, and sooner rather than later.

[Extended-Phenotype]

So club owes VIBRAC £10 million, but the total debt could easily (and I thought it was) be more than that?

The £10 million is a parachute payment advance?

So much for a well-run club btw. AZ has run us into the ground.

AZ wasn't the only board member.

[Ian Royal]

So club owes VIBRAC £10 million, but the total debt could easily (and I thought it was) be more than that?

The £10 million is a parachute payment advance?

So much for a well-run club btw. AZ has run us into the ground.

That's just debt to Vibrac. We also owe AZ/BZ and SJM. Unless the vibrac loan paid one of them off which is unlikely as it was essentially an advance on the parachute payments to cover the wage bill. (Lunacy to pay it at the end of the season when wages are due throughout).

Unsure why bgt would push for a higher price than clear debts &£1. Don't see what they or vibrac get out of it. This is samuelson saying it so can only asume hes working for a buyer trying to talk don the price. Or hes worried about bz smashing his knee see if he doesnt get paid soon.

[Yellowcoat]

I heard a snippet of the CS interview this morning - he mentioned 16% interest - isn't that quite steep? Wasn't it rumoured on here that we borrowed money from Vibrac against all of our parachute payments - but from what I heard from CS, that's wrong?

Just listened to the interview again and did not hear any mention of the interest rate charged by Vibrac - source? He clearly said a loan of about 10K not the rumoured entire total of parachute payments.

[Norfolk Royal]

I heard a snippet of the CS interview this morning - he mentioned 16% interest - isn't that quite steep? Wasn't it rumoured on here that we borrowed money from Vibrac against all of our parachute payments - but from what I heard from CS, that's wrong?

Just listened to the interview again and did not hear any mention of the interest rate charged by Vibrac - source? He clearly said a loan of about 10K not the rumoured entire total of parachute payments.

If the loan is 10k and it means the club staying in business I'll pay it myself.

[Royal Lady]

Defo this morning on Andrew Peach - someone said the interest rate was 16%.

[Yellowcoat]

Sorry obviously 10M!

[PieEater]

So £1.6m interest payment. That still leaves £14.4m PP to pay the £10.5m loan

[Yellowcoat]

Is it possible the supposed tax bill has been confused with the interest due?