Confimred new owners of Raeding Footbal Club
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madstadblues
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For the smart folk on here, is it possible for the general public to cry foul on Vibrac not being having passed the FPP test? If so would we end up in a long drawn out legal process ? The good thing is that Mr Mad has a say in the final decision and won't want to leave a legacy of destroying the thing he built (I hope).
Charles Watts @charles_watts · 31m
But I also understand that the Football League are looking into Vibrac's role at #readingfc. Not happy at their role at the club.
Charles Watts @charles_watts · 30m
Seems like Vibrac may have breached Football League regulations by controlling things at #readingfc without passing a fit and proper test.
I feel a ten point deduction coming on.
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multisync1830
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Norfolk Royal One can only hope the Phoenix hedge fund isn't anything to do with this one. http://www.reuters.com/article/2013/05/ ... ME20130530
It is curious as he seems to know that CS is 'heavily involved with '*Phoenix' but doesn't know who *Phoenix is. ?
*made up name
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loyalroyaldaz
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The Silence from SJM is deafening.
This is a right Fecking mess and getting messier by the day.
This is a right Fecking mess and getting messier by the day.
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Mr ReadingFC
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STAR have made a pretty bold statement:
The Supporters Trust at Reading (STAR) have issued a statement regarding the current ownership situation at the club.
STAR have been accused by some fans of remaining silent while the messy takeover saga at Madejski Stadium has unfolded in recent months.
So this morning they have published a press release on their website to clarify their position.
This is it in full:
Constrained.
For the last 18 months we’ve been trying to engage the club and its various owners in a dialogue. This began with the small issue of what was going to happen to our (and others’) small shareholdings when the TSI takeover was completed.
For some months there was a wall of silence and when we piped up to say something about this in October 2013 we were constrained upon to pipe down, in a somewhat heavy-handed manner, for the sake of the future of the club. This tone however quickly changed and a dialogue with TSI representatives began.
In these meetings we were told various things in strict confidence, which we kept, but most of which have since appeared in statements or rumours from others. This agreement imposed a constraint on what we could tell our members and supporters.
By January 2014 it was clear that the Zingarevich deal was dead but positive-sounding and plausible new deals were likely to be on the table. We communicated as much as we could about our general feelings on developments via short statements on our website.
Essentially our message was ‘we’ve been told to trust in the process and it sounds OK to us.’ Frankly, with delicate negotiations in progress, to which we were not party, what else could we say?
We would need to and want to work with whoever completed the deal so that too was a constraint. We were told, when there is good news we would be among the first to hear it. This may of course still be true.
Suspended.
No deal happened in January. STAR has several times requested updates on the situation. Other than re-iterating what was already in the public domain we have had no new feedback from the club.
This is not unexpected - and not unreasonable either. There probably has been no real news and they have been spending all their time trying to find new investors.
While this is going on we feel in a state of suspended animation.
Saddened.
We really do not want to see the Madejski era end like this but none of the various parties involved in this situation have covered themselves in glory.
Reading FC’s main target this season on the pitch was a return to the Premier League via automatic promotion. Hand on heart we were never in real contention.
In our view Nigel Adkins did well, given the background situation and limited resources, to take us within a minute of the play-offs. But apart from the odd game we were never convincing promotion material.
Reading FC’s main target this season off-the-pitch was to effect an orderly transition to new ownership. Those involved faced an unusually complicated situation.
We believe a great deal of effort has gone into trying to find a buyer. Many have viewed, some have offered, none has bought. Whether it was the wrong buyer, the wrong price, the wrong conditions we just don’t know.
We can only judge by results. There was no sale and the sale is now in the hands of those whose interests are, shall we say, more financially-driven.
The combination of these two factors has led to a fall in the notional value of the club from (maybe) £25 million to (apparently) £1.
The value is a reflection of the assets, debts and prospects of the enterprise. This sudden reduction saddens us greatly, as no doubt it does those with a far greater financial stake. Those brokering the sale say they will consult stakeholders and there will be no immediate fire-sale.
We would like to think as both shareholders and representatives of the supporters, without whom there would be no need for professional football in the town, we would be counted as stakeholders.
What next?
STAR’s interest is the long-term continuation of the club and the enjoyment of its supporters. We believe an organised body of supporters has a role to play in achieving both these objectives and it is best equipped to do so when working in conjunction with the football club.
Therefore we will welcome any new ownership, at its outset, and seek to develop a relationship that both meets our objectives and supports the club.
The Supporters Trust at Reading (STAR) have issued a statement regarding the current ownership situation at the club.
STAR have been accused by some fans of remaining silent while the messy takeover saga at Madejski Stadium has unfolded in recent months.
So this morning they have published a press release on their website to clarify their position.
This is it in full:
Constrained.
For the last 18 months we’ve been trying to engage the club and its various owners in a dialogue. This began with the small issue of what was going to happen to our (and others’) small shareholdings when the TSI takeover was completed.
For some months there was a wall of silence and when we piped up to say something about this in October 2013 we were constrained upon to pipe down, in a somewhat heavy-handed manner, for the sake of the future of the club. This tone however quickly changed and a dialogue with TSI representatives began.
In these meetings we were told various things in strict confidence, which we kept, but most of which have since appeared in statements or rumours from others. This agreement imposed a constraint on what we could tell our members and supporters.
By January 2014 it was clear that the Zingarevich deal was dead but positive-sounding and plausible new deals were likely to be on the table. We communicated as much as we could about our general feelings on developments via short statements on our website.
Essentially our message was ‘we’ve been told to trust in the process and it sounds OK to us.’ Frankly, with delicate negotiations in progress, to which we were not party, what else could we say?
We would need to and want to work with whoever completed the deal so that too was a constraint. We were told, when there is good news we would be among the first to hear it. This may of course still be true.
Suspended.
No deal happened in January. STAR has several times requested updates on the situation. Other than re-iterating what was already in the public domain we have had no new feedback from the club.
This is not unexpected - and not unreasonable either. There probably has been no real news and they have been spending all their time trying to find new investors.
While this is going on we feel in a state of suspended animation.
Saddened.
We really do not want to see the Madejski era end like this but none of the various parties involved in this situation have covered themselves in glory.
Reading FC’s main target this season on the pitch was a return to the Premier League via automatic promotion. Hand on heart we were never in real contention.
In our view Nigel Adkins did well, given the background situation and limited resources, to take us within a minute of the play-offs. But apart from the odd game we were never convincing promotion material.
Reading FC’s main target this season off-the-pitch was to effect an orderly transition to new ownership. Those involved faced an unusually complicated situation.
We believe a great deal of effort has gone into trying to find a buyer. Many have viewed, some have offered, none has bought. Whether it was the wrong buyer, the wrong price, the wrong conditions we just don’t know.
We can only judge by results. There was no sale and the sale is now in the hands of those whose interests are, shall we say, more financially-driven.
The combination of these two factors has led to a fall in the notional value of the club from (maybe) £25 million to (apparently) £1.
The value is a reflection of the assets, debts and prospects of the enterprise. This sudden reduction saddens us greatly, as no doubt it does those with a far greater financial stake. Those brokering the sale say they will consult stakeholders and there will be no immediate fire-sale.
We would like to think as both shareholders and representatives of the supporters, without whom there would be no need for professional football in the town, we would be counted as stakeholders.
What next?
STAR’s interest is the long-term continuation of the club and the enjoyment of its supporters. We believe an organised body of supporters has a role to play in achieving both these objectives and it is best equipped to do so when working in conjunction with the football club.
Therefore we will welcome any new ownership, at its outset, and seek to develop a relationship that both meets our objectives and supports the club.
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Pepe the Horseman
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They may as well have just said 'We don't know anything, so stop asking us'.
I like the random words they seem to have thrown in
Enjoyable.
Enjoyable.
Mr ReadingFC Last few tweets from CW..
Charles Watts @charles_watts · 34m
Some interesting #readingfc takeover developments.
Charles Watts @charles_watts · 33m
Understand that Phoenix, an American hedge fund, have offered Vibrac £5m plus the debt.
Charles Watts @charles_watts · 31m
But I also understand that the Football League are looking into Vibrac's role at #readingfc. Not happy at their role at the club.
Charles Watts @charles_watts · 30m
Seems like Vibrac may have breached Football League regulations by controlling things at #readingfc without passing a fit and proper test.
Charles Watts @charles_watts · 28m
Phoneix are of course, heavily involved with Chris Samuelson #readingfc
The day before -
Mirko Sljukic @mslujic3
"Vibrac's loan is secured against parachute payment. Vibrac is changing the goalposts every time a buyer comes. A lawyer is going to court to challenge the Football League why Vibrac without passing the fit and proper test is running the show. Adios VIBRAC U R in trouble.
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Pepe the Horseman
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So, will we be in the shit for letting Vibrac run the show?
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Sutekh
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I am not surprised actually if the FL are taking an interest in Vibrac's position as they are NOT the owner's of the club and therefore SHOULD in NO way be able to dictate the terms of a sale. Their interest in the process begins and ends with retrieving any monies they are owed.
So if that is correct then the rumoured increase in the selling price must have come from the Reading board, if it is Vibrac or BGT dictating this then there is something awry somewhere (e.g. a very odd loan agreement that has terms that maybe unacceptable outside of the PL) that needs to be investigated
Or have we secretly entered administration.
Looks like this is going to drag on and on and on....
So if that is correct then the rumoured increase in the selling price must have come from the Reading board, if it is Vibrac or BGT dictating this then there is something awry somewhere (e.g. a very odd loan agreement that has terms that maybe unacceptable outside of the PL) that needs to be investigated
Or have we secretly entered administration.
Looks like this is going to drag on and on and on....
Last edited by Sutekh on 13 Jun 2014 10:58, edited 1 time in total.
From the same guy:
VIBRAC Being investigated by the FL. VIBRAC Lawyer G Shear wants a Reading FC Board position. Shear delaying takeover due to own interest, he prefers Phoenix/Samuelson.
VIBRAC Being investigated by the FL. VIBRAC Lawyer G Shear wants a Reading FC Board position. Shear delaying takeover due to own interest, he prefers Phoenix/Samuelson.
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ZacNaloen
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maffffMr ReadingFC Last few tweets from CW..
Charles Watts @charles_watts · 34m
Some interesting #readingfc takeover developments.
Charles Watts @charles_watts · 33m
Understand that Phoenix, an American hedge fund, have offered Vibrac £5m plus the debt.
Charles Watts @charles_watts · 31m
But I also understand that the Football League are looking into Vibrac's role at #readingfc. Not happy at their role at the club.
Charles Watts @charles_watts · 30m
Seems like Vibrac may have breached Football League regulations by controlling things at #readingfc without passing a fit and proper test.
Charles Watts @charles_watts · 28m
Phoneix are of course, heavily involved with Chris Samuelson #readingfc
The day before -
Mirko Sljukic @mslujic3
"Vibrac's loan is secured against parachute payment. Vibrac is changing the goalposts every time a buyer comes. A lawyer is going to court to challenge the Football League why Vibrac without passing the fit and proper test is running the show. Adios VIBRAC U R in trouble.
What is this guys credentials though?
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Norfolk Royal
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- Location: Carrot juice is the elixir of the Gods.
Obviously this whole situation is a massive concern so don't want to pile it on unnecessarily, but hedge fund ffs.
My knowledge of hedge funds is limited but are they not a high risk investment vehicle basically for people who have got so much money they don't really know what to do with it?
The people who run the funds seek out these cash-laden mules and persuade them to invest with a massive risk of losing their money.
The hedge fund itself backs a number of projects, say films for instance, in the hope that one of the projects will strike lucky and make a load of money offsetting losses on other investments.
If that is basically correct, what does that mean for us. One would think it means that if the hedge fund took over the club, the investment would be some way down the pecking order and presaged on a point where the club gains promotion to the premier league with a promise that the promotion is worth £90-million.
At that point, presumably, the hedge fund must pay up to its investors? Hardly a stable environment to work in or play.
My knowledge of hedge funds is limited but are they not a high risk investment vehicle basically for people who have got so much money they don't really know what to do with it?
The people who run the funds seek out these cash-laden mules and persuade them to invest with a massive risk of losing their money.
The hedge fund itself backs a number of projects, say films for instance, in the hope that one of the projects will strike lucky and make a load of money offsetting losses on other investments.
If that is basically correct, what does that mean for us. One would think it means that if the hedge fund took over the club, the investment would be some way down the pecking order and presaged on a point where the club gains promotion to the premier league with a promise that the promotion is worth £90-million.
At that point, presumably, the hedge fund must pay up to its investors? Hardly a stable environment to work in or play.
ZacNaloenmaffffMr ReadingFC Last few tweets from CW..
Charles Watts @charles_watts · 34m
Some interesting #readingfc takeover developments.
Charles Watts @charles_watts · 33m
Understand that Phoenix, an American hedge fund, have offered Vibrac £5m plus the debt.
Charles Watts @charles_watts · 31m
But I also understand that the Football League are looking into Vibrac's role at #readingfc. Not happy at their role at the club.
Charles Watts @charles_watts · 30m
Seems like Vibrac may have breached Football League regulations by controlling things at #readingfc without passing a fit and proper test.
Charles Watts @charles_watts · 28m
Phoneix are of course, heavily involved with Chris Samuelson #readingfc
The day before -
Mirko Sljukic @mslujic3
"Vibrac's loan is secured against parachute payment. Vibrac is changing the goalposts every time a buyer comes. A lawyer is going to court to challenge the Football League why Vibrac without passing the fit and proper test is running the show. Adios VIBRAC U R in trouble.
What is this guys credentials though?
Figuring that out - but the last few days he's been 24 hours ahead of Charles and Jonny if you go through his feed.
So yeah, pinch of salt.
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multisync1830
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maffff
Figuring that out - but the last few days he's been 24 hours ahead of Charles and Jonny if you go through his feed.
perhaps this is where they get their information from?
maffff I like the random words they seem to have thrown in
Enjoyable.
Constrained.
Saddened.
Frustrated.
Laxative.
Relieved.
multisync1830maffff
Figuring that out - but the last few days he's been 24 hours ahead of Charles and Jonny if you go through his feed.
perhaps this is where they get their information from?
I'm always up to date on what's going on here.
I mean as in, ahead of what's on HNA? Jonny, Charles etc. Couple of things have just been followed up by here/media.
Nevermind,
Why are VIBRAC being investigated by FL? I thought FPP was for the owners and they are not the owners of RFC.
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SPARTA
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Says he hasn't tweeted since May? https://twitter.com/msljukic3
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