Confimred new owners of Raeding Footbal Club

[JIM]

I asked some time ago the same question what connection has TSI with RFC and was told to read the JM statement. So you will not get a correct answer from some dick heads on this site sorry .Wait for the take over finalised take over statement.

[Z175]

My summary of the situation is:

- SJM is now 100% owner of Reading and has been since the 31 January. SJM initially promised investment in January before he realised TSI were pulling out. Subsequently he issued a statement saying he was back in charge.

- TSI had no money to invest. I believe the initial idea was to takeover several clubs globally and grow them organically and sell them at a profit. Any promises of investment (which were not exactly lavish anyway) were clearly either lies or aspirational promises. The reality of running a football club is that they make a lot of losses and TSI had either not the means or the inclination to fund this.

- We are now in a very poor financial situation due to short term mismanagement by TSI. The TV income from one season in the Premierleague should have been enough to fund that seasons wagebill and the parachute payments currently should fund the next 3 seasons. Sadly this money has been spent (again either recklessly on signing on fees, the new academy land etc) or intentionally dishonestly (kick backs via agents back to Russia wouldn't be hard), certainly millions have passed from Russia to the UK (and possibly Gibraltar) and back to Russia. No doubt more will still follow as they willhave ensured their debt is secured on the stadium.

So for me the jury is out on whether TSI were criminal or silly, from my experience men like Samuelson tend to blur that line with a sort of egotistical disregard for the moral values of those who are not in a possition to rake in the cash. Think MPs expenses...

However TSI now will want as much debt repaid as possible so their interests are aligned with ours. The more wealthy a potential owner is, the less the risk to any outstanding debt to them. Any winding up orders etc would be pointless if we have not the means to pay them.

I'm not optimistic for an imminent sale. I find it hard to believe many billionnaires would be bothered by an unfashionable club like Reading. In fact, SJM spent years before producing Anton Zingarevich, who inherited a well run club. Now with the likes of Pogrebnyak on the wagebill and future parachutes assigned to who knows where (Bermuda, Gibraltar..Russia?), what are the odds for someone with good intentions?

[genome]

Not sure what the point of all this conjecture is... we'll just have to wait and see what happens.

[Silver Fox]

That load of old shite is making the McLeary thread look acceptable

[genome]

That load of old quote is making the McLeary quote look quotable

[Silver Fox]

'koff

[JIM]

OK THE SAME QUESTION REMAINS , What position do tsi hold reguarding the club ie loan holders etc or are they totally out

[multisync1830]

OK THE SAME QUESTION REMAINS , W

yes we know which was why I said TBC. It's still TBC and will remain TBC until it's C

[multisync1830]

On Charles Watts lunchtime web chat he made the following comment. A huge relief if true and I would trust Charles more than most on here.


Charles Watts
I understand TSI handed its 51% back to RFC Holdings on January 31

He also pointed out TSI are no longer vetting likely buyers. They will have an interest as creditors though.

RFC holdings is registered in the UK and therefore subject to UK company law.

Why hasn't RFC Ltd companies house been updated?

3 (probably 2 unless there really is another Ian but I somehow doubt it) new Directors were added to RFC Holdings so they have updated recently.

EDIT TO ADD

Just had it confirmed by an accountant

once a year, the timing depends upon the date on which the Company’s Annual Return has to be filed at Companies House

So it is possible the record hasn't been updated for whatever reason they choose.

[Royal Rother]

That's not my understanding. I believe changes in Directors need to be updated as and when they happen rather than waiting for the Annual Return to be filed.

Details are supposed to be filed with Companies House within 14 days of the change occurring.

Ah, re-reading it I guess you are just talking about the shares - yep, AR is sufficient for that.

[multisync1830]

That's not my understanding. I believe changes in Directors need to be updated as and when they happen rather than waiting for the Annual Return to be filed.

Details are supposed to be filed with Companies House within 14 days of the change occurring.

Ah, re-reading it I guess you are just talking about the shares - yep, AR is sufficient for that.

Yes that was where I was getting crossed myself. We will shortly see a change in directors of RFC Ltd as we have recently seen at RFC Holdings Ltd. Sadly TSI are not based in UK so we will not get details of them. However the AR is in December and will probably not mention the exact date of exchange.

Ian Smith:

Ian Smith holds 22 appointments at 22 active companies, has resigned from 24 companies and held 1 appointments at 1 dissolved companies. Ian began their first appointment at the age of 38 and their longest current appointment spans 8 years and 10 months at SACKVILLE PROPERTY DEVELOPMENTS LIMITED.

The combined cash at bank value for all businesses where Ian holds a current appointment equals £3,757,258, with a combined assets value of £81,418,511 and liabilities of £309,658,504. Roles associated with Ian Smith within the recorded businesses include: Director, Company Secretary

Can only be Ian Wood-Smith.

[SydenhamRoyal]

Ian Smith:

The combined cash at bank value for all businesses where Ian holds a current appointment equals £3,757,258, with a combined assets value of £81,418,511 and liabilities of £309,658,504. Roles associated with Ian Smith within the recorded businesses include: Director, Company Secretary

Can only be Ian Wood-Smith.

Assets of £81m and Liabilities of £310m are two figures taken together that scare the living shit out of me.

[TheLawnMowerMan]

I have no idea of how companies work, but surely Sir John would have to accept the 51%, you can't literally force them onto him.

The clue is in what you wrote.
If you have no idea, why start speculating on what may be possible when plenty of people on here do know what is possible.
We have to wait until the people who own and run the company tell us what is going on - end of.

[Royal Rother]

I have no idea of how companies work, but surely Sir John would have to accept the 51%, you can't literally force them onto him.

The clue is in what you wrote.
If you have no idea, why start speculating on what may be possible when plenty of people on here do know what is possible.
We have to wait until the people who own and run the company tell us what is going on - end of.

Now, now, people should be allowed to ask questions if they don't know the answer.

The real muppets are the ones who keep telling us stuff as if it's fact when it's nothing more than an amalgamation of third hand speculation cobbled together with odds and ends of unfounded and uneducated gossip they've read on here. AKA complete bs.

[Harpers So Solid Crew]

I'm not sure Trevor Senior is likely to be particularly ITK.

You'd be surprised who I know....

Would not be surprised at all, there are only a few people that it can be.. And like me you keep most info to yourself.

[Reading4eva]

You'd be suprised who I know too

[DOYLERSAROYALER]

That's not my understanding. I believe changes in Directors need to be updated as and when they happen rather than waiting for the Annual Return to be filed.

Details are supposed to be filed with Companies House within 14 days of the change occurring.

Ah, re-reading it I guess you are just talking about the shares - yep, AR is sufficient for that.

Yes that was where I was getting crossed myself. We will shortly see a change in directors of RFC Ltd as we have recently seen at RFC Holdings Ltd. Sadly TSI are not based in UK so we will not get details of them. However the AR is in December and will probably not mention the exact date of exchange.

Ian Smith:

Ian Smith holds 22 appointments at 22 active companies, has resigned from 24 companies and held 1 appointments at 1 dissolved companies. Ian began their first appointment at the age of 38 and their longest current appointment spans 8 years and 10 months at SACKVILLE PROPERTY DEVELOPMENTS LIMITED.

The combined cash at bank value for all businesses where Ian holds a current appointment equals £3,757,258, with a combined assets value of £81,418,511 and liabilities of £309,658,504. Roles associated with Ian Smith within the recorded businesses include: Director, Company Secretary

Can only be Ian Wood-Smith.

Its definitely not Ian Wood Smith....

[Sutekh]

From Tim Dellor this AM

"...and a deal is still on track to be done by this weekend..."

Essentially an offer is being considered from a "western group". Discussions with Mohit Burman are also continuing.

[Norfolk Royal]

From Tim Dellor this AM

"...and a deal is still on track to be done by this weekend..."

Essentially an offer is being considered from a "western group". Discussions with Mohit Burman are also continuing.

We're being taken over by the Hole In The Wall gang.

[multisync1830]

From Tim Dellor this AM

"...and a deal is still on track to be done by this weekend..."

Essentially an offer is being considered from a "western group". Discussions with Mohit Burman are also continuing.

We're being taken over by the black Hole In The accounts gang.

corrected for you.