Published on 20/09/2014
Thai buy of Reading complete LONDON: Thai investors led by businesswoman Khunying Sasima Srivikorn have formally completed their acquisition of the English football club Reading. Khunying Sasima will become co-chairman with John Madejski, who has been with the Royals since 1990, ending months of uncertainty after majority shareholder Anton Zingarevich left the board of the struggling Championship side in June. "After months of tireless hard work and a lot of speculation, I am very pleased to say that Reading Football Club's future has been resolved," Madejski said in a statement on the Reading website. Zingarevich, who purchased a 51% stake in Reading in May 2012, pulled out of a deal to complete a full takeover shortly after the Royals were relegated from the Premier League in 2013. The largest stake in the club is now held by seafood businessman Narin Niruttinanon with 50%. Khunying Sasima holds 25% and Samrit Bunditkitsada, the owner of Promise Insurance and the Thai Premier League side Police United FC, holds the remaining 25%. Two other Thai members of the consortium will also join the club's board, but Nigel Howe will remain as chief executive. Reading finished seventh in the English second tier last season and are currently sixth after recording four wins from their first seven matches. Reading officials were in talks with an American hedge fund and an Israeli investor before the Thai investors surfaced. The purchase is the third by Thai investors of an English football team. Vichai Srivaddhanaprabha (formerly Raksriaksorn), the chairman of the dutyfree empire King Power Group, in 2010 paid a reported 2 billion baht for the Championship side Leicester City, which returned to the Premier League this season and currently stands 12th after four matches.
Former prime minister Thaksin Shinawatra bought the Premiership side Manchester City for 82 million pounds in 2007 but sold the club 15 months later to Abu Dhabi-based investors for a reported profit of 120 million pounds. Founded in 1871, Reading currently has debts of about 21 million pounds, the Reading Post reoported earlier this year.