Where has £3.95 million gone?

[Northern Git]

And following his terrible BGP results, yet another Madejski investment goes t*ts up.

Sir John Madejski forced to sell Station Hill redevelopment
printweek.com, 11 January 2011

Goodhead Group owner Sir John Madejski has taken a hit on his Station Hill redevelopment in Reading after a breach of covenants prompted a sale.

The bulk of the 158,000sqm development has been sold by Madejski's Sackville Developments (Reading) to a buy-out group comprising US private equity real estate firm Benson Elliott and UK developer Stanhope.

According to the FT, the sale price was lower than the outstanding liability with Lloyds Banking Group, which will record a loss on the former HBOS debt. Madejski will reportedly retain a minority stake and share in future profits.

The Station Hill redevelopment, which sits alongside Reading Station and has a developed value of more than £400m, was the largest scheme owned by Madejski.

Full story on the FT website (but you have to register)

[Wycombe Royal]

And following his terrible BGP results, yet another Madejski investment goes t*ts up.

Sir John Madejski forced to sell Station Hill redevelopment
printweek.com, 11 January 2011

Goodhead Group owner Sir John Madejski has taken a hit on his Station Hill redevelopment in Reading after a breach of covenants prompted a sale.

The bulk of the 158,000sqm development has been sold by Madejski's Sackville Developments (Reading) to a buy-out group comprising US private equity real estate firm Benson Elliott and UK developer Stanhope.

According to the FT, the sale price was lower than the outstanding liability with Lloyds Banking Group, which will record a loss on the former HBOS debt. Madejski will reportedly retain a minority stake and share in future profits.

The Station Hill redevelopment, which sits alongside Reading Station and has a developed value of more than £400m, was the largest scheme owned by Madejski.

Full story on the FT website (but you have to register)

I take it the news takes a while to travel up north?

[Royal Lady]

LOL - he's living down here!

[Wycombe Royal]

LOL - he's living down here!

No excuse then......

[Royal Lady]

Maybe he's only just logged onto HNA.

[Wycombe Royal]

I'll give him an excuse - someone moved the thread on it to Anything Else........

[Royal Lady]

Very gracious of you.

[Wycombe Royal]

Very gracious of you.

[Royal Monk]

Oh dear its all going a bit pear shaped for our leader , still he could sell Long to get a few bob in and prop up his companies debts

[prostak]

Oh dear its all going a bit pear shaped for our leader , still he could sell Long to get a few bob in and prop up his companies debts

Are you accusing Madejski of embezzlement?

[Wycombe Royal]

Oh dear its all going a bit pear shaped for our leader , still he could sell Long to get a few bob in and prop up his companies debts

No it's getting better now. The printing business is starting to perform better and he has sold off another venture that was proving to be a big problem for him.

[Northern Git]

I'll give him an excuse - someone moved the thread on it to Anything Else........

Thanks for that Wycombe - laziness on my part (and I cant be arsed to trawl through every thread )

[Northern Git]

Oh dear its all going a bit pear shaped for our leader , still he could sell Long to get a few bob in and prop up his companies debts

No it's getting better now. The printing business is starting to perform better and he has sold off another venture that was proving to be a big problem for him.

Would disagree there Wycombe, yes the figures at BGP are better, but only from last set of disasterous figures, the losses are still enormous, they seem to be trying to buy turnover and JM is still pumping money in to keep them going. Cumlative losses of £58,000,000 and a pension defict of £8,000,000 within a group turnover of £66,400,000 is not good whichever way you look at. I have seen some troubled companies in my years in the print / publishing industry and I would be suprised if BGP survives in its present format ( not that it would give me any pleasure what so ever to see the venture fold)

[Royal Monk]

embezzlement? WTF are you on about , selling assets from 1 of your companies and using the money to support another is not embezzlement .... your even thicker than me

[prostak]

But taking money from the assets of Reading FC and transferring them into another, unrelated company - that's what you were suggesting, right?

[Royal Monk]

im not sure what your trying to say ... Mr Mad owns both companies so i would assume that if he wanted to he could sell some assets from one company and use it to help the other company.

[Pseud O'Nym]

im not sure what your trying to say ... Mr Mad owns both companies so i would assume that if he wanted to he could sell some assets from one company and use it to help the other company.

Not directly, as far as I'm aware. He could take some remuneration, call it a management fee - but that would of course attract tax, so is inefficient - or he could repay himself some of the money the club owes him.

I can't really see why he'd bother though, the club doesn't have the sort of cash he needs. It would be "robbing Peter to pay Paul" for him.

[FiNeRaIn]

FFS all of you shut up, loan signing + 300k BWP and this non league lad for a nominal fee, this clearly displays the clubs ambition to return to the top flight. Anyone who thinks otherwise needs to look at the accounts, these are massive signings for the club.

[prostak]

im not sure what your trying to say ... Mr Mad owns both companies so i would assume that if he wanted to he could sell some assets from one company and use it to help the other company.

What I'm trying to say is that those of you who seem to think that Madejski regards the football club as a cash cow skirt around accusations of illegal activity around finance. If it's just internetz posturing, fine, but if any of you believe that irregular accounting is actually taking place, why not use the official channels available to stop it?

[brendywendy]

Are you people oxf*rd braindead or summat, STAR (shareholders)Posted in this very thread the up to date figures,and as of mid 2010. Not only has jm not taken a penny for other businesses, and the only money gone out of the club to pay off debt.and a small hotel loss, but jm and howe dont even take a salary.so please just stop it. You make every fan with legitimate worries look silly by association..