Al Jazeera Bombshell about Reading FC?

[Hendo]

2 observations.

1) If true, then the seller has to shoulder some of the blame for not doing proper due diligence

2) ditto fit and proper person's test.

Our current predicament stems from this ill fated sale

Whilst there is probably some truth in this, I think it is too simplistic to blame our situation on this.

That ownership cycle ended 7 years ago, more than enough time to sort out shit out.

[Sutekh]

Will it be available on catchup or youtube anywhere?

[Dirk Gently]

Will it be available on catchup or youtube anywhere?

Yes, via YouTube. I think it goes live there at about 5pm, with a slightly longer version as they're not time-limited in that format.

[Zip]

2 observations.

1) If true, then the seller has to shoulder some of the blame for not doing proper due diligence

2) ditto fit and proper person's test.

Our current predicament stems from this ill fated sale

Whilst there is probably some truth in this, I think it is too simplistic to blame our situation on this.

That ownership cycle ended 7 years ago, more than enough time to sort out shit out.

Very much this. We went on two pretty reckless transfer sprees in 2017 and 2019 which have played a very big part in where we are now,

[Snowflake Royal]

2 observations.

1) If true, then the seller has to shoulder some of the blame for not doing proper due diligence

2) ditto fit and proper person's test.

Our current predicament stems from this ill fated sale

If it's AZ and Samuelson, we actually fixed a lot of what went wrong from them under the Thais. We just then went crazy again under Dai and Gourlay rather than finishing the job.

I'll repeat this from elsewhere. It hasn't been the Fit and Proper Persons check for ages and that was a misnomer anyway. It's just a check of finances available and unspent convictions.

It doesn't and can't really look at intentions, being shady, or decide someone should be guilty of a crime.

Madejski does have a lot to answer if it (totally unsurprisingly) turns out Samuelson and AZ were dodgy as oxf*rd.

[3points]

2 observations.

1) If true, then the seller has to shoulder some of the blame for not doing proper due diligence

2) ditto fit and proper person's test.

Our current predicament stems from this ill fated sale

If it's AZ and Samuelson, we actually fixed a lot of what went wrong from them under the Thais. We just then went crazy again under Dai and Gourlay rather than finishing the job.

I'll repeat this from elsewhere. It hasn't been the Fit and Proper Persons check for ages and that was a misnomer anyway. It's just a check of finances available and unspent convictions.

It doesn't and can't really look at intentions, being shady, or decide someone should be guilty of a crime.

Madejski does have a lot to answer if it (totally unsurprisingly) turns out Samuelson and AZ were dodgy as oxf*rd.

SJM has a lot to answer for. He was desparate for cash to bail out Sackville Properties following the GFC. He needed £25m to stop the banks foreclosing on their loans. He sold 49% of the shares of RFC for £12m, and AZ also covered the £12-£13m of debt owed to SJM at that time (ergo, total £25m). The fact he only sold 49% reflects he knew there were concerns about AZ's ability to fund a deal - Daddy Z put up the initial cash and told AZ to get funding in place to buy the remaining 51% over 12 months, which he outright failed to do. Therefore, SJM took the 49% shares back and Daddy Z funded the club for 12 months to cover the player contracts of players like Pog and Danny Williams who were AZ signings.

[Royal Ginger]

I predict that the pop concert will be mentioned in relation to money laundering.

[RG30]

https://www.aljazeera.com/news/2021/8/9/investigation-reveals-football-used-to-launder-money-men-who-sell-football

Available to watch now

[Jagermesiter1871]

I predict that the pop concert will be mentioned in relation to money laundering.

huh?

[Dirk Gently]

Here you go, chaps - the links to support the programme.
https://www.ajiunit.com/article/investigation-reveals-how-football-can-be-used-to-launder-money/

It's also up on YouTube, and that version has more in it than the broadcast version : https://youtu.be/ldgTCXpDEgk

[SCIAG]

Fascinating to imagine where we would be if not for the money of Zingarevich, the Thais and the Dais. Madejski sells to someone who wants to own the club but insists upon it remaining self-sufficient.

Best case scenario is probably Brentford. We could have sold Kebe and that summer and brought through HRK and Antonio as replacements, along with Federici or McCarthy if there was interest. Get by with frees and loans and academy players, and the occasional big-ticket purchase funded by a sale (along the lines of Leigertwood and Gorkss).

At some point we'd probably run out of sellable assets, but we'd still have had Morrison, Le Fondre, Hector, Cooper, Tshibola... and I think there's a good chance some other Academy lads would have had greater sale value than in real life. We might well have got relegated because we only narrowly avoided it a few times. But seems like it would have been better for the club.

[Jagermesiter1871]

Not massively about Reading and certainly not anything we didn't know. Derby however....is there no chance of them still being relegated?

[Dirk Gently]

Fascinating to imagine where we would be if not for the money of Zingarevich, the Thais and the Dais. Madejski sells to someone who wants to own the club but insists upon it remaining self-sufficient.

Best case scenario is probably Brentford. We could have sold Kebe and that summer and brought through HRK and Antonio as replacements, along with Federici or McCarthy if there was interest. Get by with frees and loans and academy players, and the occasional big-ticket purchase funded by a sale (along the lines of Leigertwood and Gorkss).

At some point we'd probably run out of sellable assets, but we'd still have had Morrison, Le Fondre, Hector, Cooper, Tshibola... and I think there's a good chance some other Academy lads would have had greater sale value than in real life. We might well have got relegated because we only narrowly avoided it a few times. But seems like it would have been better for the club.

There was no Zingarevich money - only promises of it and commitments he made on it.

And all the money in since then isn't just given. It turns into debt, debt that sits on the books. It might be soft debt at the moment, but death, arrest, loss of interest or anything else could mean it suddenly becomes hard debt.

The amount of debt having over football clubs like Reading is ridiculous and unsustainable, and one day the whole financial house of cards is going to come crashing down.

[Pepe the Horseman]

Would've thought the UK media would've picked this story up by now.

[Fox Talbot]

Will it be available on catchup or youtube anywhere?

Yes, via YouTube. I think it goes live there at about 5pm, with a slightly longer version as they're not time-limited in that format.

Watched the programme last night. Any more RFC content in the longer version?

[Dirk Gently]

Would've thought the UK media would've picked this story up by now.

I think the UK media are too interested in getting access to players and in their editors getting their cup final tickets - but all of the guys who produced this are English and football fans.

[RG30]

Would've thought the UK media would've picked this story up by now.

In fairness Martyn Ziegler of The Times tweeted about it as did Alan Nixon

[Rusty royal]

Just watched it It should be in the public (supporters of any club) domain. It saddens me that football has gone from a Saturday afternoon with then lads to highly corrupt money laundering. If only this was known when Anton took over the club (and possible subsequence sales)??
The bottom line is the football needs to clean up it act, from the top to the bottom.

[Hendo]

RUSTY!! Hope you're keeping well.

[Rusty royal]

RUSTY!! Hope you're keeping well.

I'm doing OK thanks. I just sit here in the background keeping tabs on you all I've had a few scares this year (not covid) but still alive. Shame the club is in such a state as I need little pick me up's on a Saturday till the rugby starts