SJM staying on as chairman

[sandman]

Fcuk off. People are concerned for the club they support, some of them have seen Reading Football Club put in danger before and don't want to see the club in trouble again nothing wrong with asking questions whether you like it or not.

Sandman your the n0.1 jizz monkey panic stations mongtard .... just read the statements and take in what they say , dont make things up you doom monger

Thank you! I would rather ask questions of those in power than be a pathetic sheep who mindlessly accepts everything they're told.

You obviously don't mind people doing whatever they want. Maybe if you ask nicely Anton will take his dick out and slapping you in the face with it.

[Royal Monk]

Do your arms ache after running round in circles waving them around in the air for the last few days

[maffff]

Do your arms ache after running round in circles waving them around in the air for the last few days

[Esteban]

Hmm - like I suggested, maybe AZ is having to find the money from somewhere....

http://www.getreading.co.uk/sport/football/football-news/reading-fc-complete-deal-new-6193340

We've just exchanged contracts on 120 acres of land. We clearly have some money!

I'm sure you've bought and sold houses before, so you'll know that dates don't always work out. I expect that Madejski is at the very least disappointed that his exit plan hasn't worked out, but if he really wanted to go after his money, there's ways and means of doing that.

Madejski staying on as chairman + land bought for training ground development = a very good day in my book.

[Silver Fox]

Was talking to JM whilst he cleaned his Bentley at the Morrisons jetwash today.

When questioned about the delay, he just advised me to read the posts on HNA.

That stopped me from bemoaning yet another 3 pages of 2 + 2 = PANIC!!!!!!

[paddy20]

Why announce this now?
Surely it would normally be the case that it would have been announced at the end of the season and why specifically 2 years?
At the Mad Man's age now 2 years is a very long time and to commit himself to a project that he appeared to want to cash-in on last year to pursue other things makes me think that all is definitely not right at our club.

BTW all the talk of the owner's baby and needing to spend time in Russia ,is he now a house parent and that skint that his missus has rushed back to work?
As Floyd said to Winchester the other week real life is not just one lovely-jubbly fairy tale that always must have a happy ending so that you can fall asleep cuddling your Teddy.

One thing looks for sure. No money to invest in playing staff for next two years. We need to promote from within bla bla bla

[Nameless]

Thank you! I would rather ask questions of those in power than be a pathetic sheep who mindlessly accepts everything they're told.

Not sure posting endless negativity on HNA equates exactly to 'asking questions of those in power'.

If you do ever have a chat to SJM or AZ then do share with us the inside story....

[Bandini]

This just smacks completely of alarm bells really. The fact that the full takeover hasn't occurred, and now SJM is to stay on as Chairman for another two years "at AZ's request", well it can only point to one consistent message I keep hearing - TSI doesn't have the money.

With regards the AZ request, well we all know RFC is one massive spin-machine. Pure speculation, and I refuse to hanker on every word the club spouts, but I would suggest that SJM has demanded he stay on as Chairman and has probably legally backed TSI into a corner. After all, if TSI renege on their deal, SJM has their arses over a blue and white hooped barrel.

The problem it seems to me is that:

1. SJM appeared to need the money, given the problems experienced by his other businesses.
2. This keenness to sell is rather highlighted by the reported terms of the deal, namely giving up control over the club but only getting payment for 51% of his shares - this appears to place him in a pretty weak position as he couldn't trade the rump 49% of his shares up to the time for the option to be exercised.
3. Now it appears that either he is unable under the terms of the agreement to compel the purchase of his remaining shares or he is unwilling to rescind the deal because he sees no other buyer on the horizon, and TSI are happy to go on running the club without paying up for the remaining shares.

This is of concern because the more desperate he is (/was) to sell the less rigorous he will have been in deciding to whom he should sell. TSI have done nothing to suggest that they have the long-term interest of the club at heart.

[Royal Lady]

What would happen if, say, the local council didn't give planning permission for these pitches etc on the land they've just "bought"?

[Yellowcoat]

Apart from looking to buy a new training ground! (In answer to Bandini before RL's usual negative comment).

[Bandini]

Depends which entity ends up owning it and the terms on which the club is entitled to use it.

[Royal Lady]

Apart from looking to buy a new training ground! (In answer to Bandini before RL's usual negative comment).

So they won't have "bought" the land at Bearwood yet then?

[Royal Biscuitman]

- TSI take majority share, announce remaining shares will be purchased later (Sept 13)

SJM could/should have stipulated in the deal that in the event of non completion TSI return/sell back at a stipulated price whatever % is required to give SJM back the majority stake.

Interestingly, if the buy-out of the remaining shares has stalled then does that mean a new deal would have to be struck which could be based on a new valuation - SJM may be keen for that to be a valuation on a premier league team rather than a championship team..... maybe Anton would prefer us to stay down to get a better deal.... a new conspiracy theory

[No Fixed Abode]

What would happen if, say, the local council didn't give planning permission for these pitches etc on the land they've just "bought"?

Surely they would have checked with the council before purchasing the said land?

Reading used to train at Coombe Park in Pangbourne but were stopped due to local residents complaining about the increase in traffic.

[Cypry]

What would happen if, say, the local council didn't give planning permission for these pitches etc on the land they've just "bought"?

For gods sake, read the press release from the club.
The exchange of contracts stipulates that the sale is conditional on getting planning permission
In other words, if we don't get the permissions needed, then we won't buy the land - completely standard approach in this type of transaction....

[Royal Lady]

Exactly - so the club (or AZ) haven't BOUGHT it yet then, so all this rubbish about how AZ is spending money is, at the moment, completely unfounded. Thank you.

[ZacNaloen]

Exactly - so the club (or AZ) haven't BOUGHT it yet then, so all this rubbish about how AZ is spending money is, at the moment, completely unfounded. Thank you.

They've exchanged contracts.

Fucking hell.

[melonhead]

I do wonder if there's a link to the announcement about the training ground today....

Perhaps things have moved quicker than expected, perhaps the costs are higher (I can't think what it must be expected to cost buying 120 acres of land in the heart of the Thames Valley, let alone building 15 pitches - given that they're talking about relocating both first team, and academy, one assumes that at least one floodlit 3G pitch as per the one at the dome will be needed which is a even figure sum on its own - indoor playing facilities, plus all of the associated infrastructure. You have to be talking north of ten million, probably a lot more....

It could just be that the available money is being sunk into that, rather than completing the takeover, and if SJM is in no rush for cash, he's happy to wait.....

I'm in no way ITK on this, but to me, this theory would hold as much, if not more, water than some of the conspiracy theories doing the rounds.....

yeah, sounds to me as if anton can afford one or the other- buy rest of club, or finance training ground.

and of the two options im happier hes doing what hes doing.


all seems fine here to me

[melonhead]

This just smacks completely of alarm bells really. The fact that the full takeover hasn't occurred, and now SJM is to stay on as Chairman for another two years "at AZ's request", well it can only point to one consistent message I keep hearing - TSI doesn't have the money.

With regards the AZ request, well we all know RFC is one massive spin-machine. Pure speculation, and I refuse to hanker on every word the club spouts, but I would suggest that SJM has demanded he stay on as Chairman and has probably legally backed TSI into a corner. After all, if TSI renege on their deal, SJM has their arses over a blue and white hooped barrel.

How can SJM demand he stay on as chairman if he doesn't have a majority shareholding in the club?

For the same reason you couldn't reasonably conclude that SJM has their arses over a blue and white hooped barrel, notwithstanding the written agreements which may or may not be relevant.

I would imagine
I would suggest.

yeah. thanks

[melonhead]

What would happen if, say, the local council didn't give planning permission for these pitches etc on the land they've just "bought"?

they wouldnt buy the land...........

shrugs, raises eyebrows and frowns at your mentalness