Thames Sports Investment

[Cobi]

An update, of sorts. Flame/Dodd me all you like. My, ahem, source, cannot be revealed but said,

'There are still problems with the take-over especially issues with the training ground and Academy'

There you go Mr Fordham - bung this in your paper as an 'Exclusive!'

What issues would cause a delay, though?

Agreed they wouldn't be a stumbling block at all. they're part of the £25m fee, so that is that.

weren't the club already looking at a Uni to use their facilities for the academy upgrade?

The Premier League are only interested in the money men, not any of that stuff.

[RoyalJames101]

The deal was set to be announced on the Thursday/Friday of the week we played Forest at home. Nearly all the checks had been done and everything was set to be approved, the Football League told us that it would be around a week until everything was complete and gone through. However, as we were promoted on the Tuesday it meant the Premier League also had to carry out their own checks. The Football League still told us it would only take up to a week, hence why Madejski said it would be done "next week". The Football League screwed us over as the checks were always going to take longer than that as the Premier League are a lot stricter on the checks. But as it stands there aren't any problems on either Madejski or TSI's side of things, we're just waiting on the Premier League to ratify everything still. But as it stands, everything is still the same as it was to start with and no one has pulled out/been found out.

[blueroyals]

The Football League still told us it would only take up to a week, hence why Madejski said it would be done "next week". The Football League screwed us over as the checks were always going to take longer than that as the Premier League are a lot stricter on the checks.

To look at things another other way, as this is probably the first time such a situation has arisen (club promoted from Champ to Premier League as it is in the process of being taken over) the Football League perhaps assumed that as they had rubber stamped the deal, the Premier League would only have to carry out their additional checks as the main investigation had been done by them. But the PL then went ahead and did a full investigation and/or decided to wait until we were their responsibility (end of the season) before doing anything. Either way we get f*cked over and might miss out on some transfers (Rhodes or Gylfi?) as TSI don't want to commit real funds before the deal is completed.

[TheWearing]

The deal was set to be announced on the Thursday/Friday of the week we played Forest at home. Nearly all the checks had been done and everything was set to be approved, the Football League told us that it would be around a week until everything was complete and gone through. However, as we were promoted on the Tuesday it meant the Premier League also had to carry out their own checks. The Football League still told us it would only take up to a week, hence why Madejski said it would be done "next week". The Football League screwed us over as the checks were always going to take longer than that as the Premier League are a lot stricter on the checks. But as it stands there aren't any problems on either Madejski or TSI's side of things, we're just waiting on the Premier League to ratify everything still. But as it stands, everything is still the same as it was to start with and no one has pulled out/been found out.

You have just stolen information from the last 195 pages and put it into a short paragraph! Well done to you Sir!

[Cypry]

The deal was set to be announced on the Thursday/Friday of the week we played Forest at home. Nearly all the checks had been done and everything was set to be approved, the Football League told us that it would be around a week until everything was complete and gone through. However, as we were promoted on the Tuesday it meant the Premier League also had to carry out their own checks. The Football League still told us it would only take up to a week, hence why Madejski said it would be done "next week". The Football League screwed us over as the checks were always going to take longer than that as the Premier League are a lot stricter on the checks. But as it stands there aren't any problems on either Madejski or TSI's side of things, we're just waiting on the Premier League to ratify everything still. But as it stands, everything is still the same as it was to start with and no one has pulled out/been found out.

Seems completely reasonable and has a ring of truth.....

[Squelchy2507]

Could it just be a simple matter of us still offically being a Football League club until the AGM in June and so the PL do not wish to make any public statements concerning a club over whom they have no jurisdiction as yet.

[Cobi]

Could it just be a simple matter of us still offically being a Football League club until the AGM in June and so the PL do not wish to make any public statements concerning a club over whom they have no jurisdiction as yet.

if we're still a football league club then surely the football league could have carried on with the checks and signed them off. at the end of the day we are premier league now, so there shouldn't be any of this rubbish about having to wait until it's official.

[Ian Royal]

Could it just be a simple matter of us still offically being a Football League club until the AGM in June and so the PL do not wish to make any public statements concerning a club over whom they have no jurisdiction as yet.

if we're still a football league club then surely the football league could have carried on with the checks and signed them off. at the end of the day we are premier league now, so there shouldn't be any of this rubbish about having to wait until it's official.

It makes quite a lot of sense really. PL aren't going to be happy about the FL making decisions about what is effectively one of theirs. But not really appropriate to announce until we're officially a PL club. It's typical cross boundary red tape.

[blueroyals]

I don't know why people are so obsessed still with TSI. If we're to continue to live within our means then completion of the deal should make no difference to signing players now we're in the PL.

Say we'd have a £8m budget under SJM but under TSI we'd have around £12m. If McDermott wanted to sign a player valued around £6m, he might not want to blow 75% of the budget on 1 player, but under TSI he may decide differently. Until it's clear whether the takeover will go through or not I can't see us spending much of our transfer budget.

[Fox Talbot]

The deal was set to be announced on the Thursday/Friday of the week we played Forest at home. Nearly all the checks had been done and everything was set to be approved, the Football League told us that it would be around a week until everything was complete and gone through. However, as we were promoted on the Tuesday it meant the Premier League also had to carry out their own checks. The Football League still told us it would only take up to a week, hence why Madejski said it would be done "next week". The Football League screwed us over as the checks were always going to take longer than that as the Premier League are a lot stricter on the checks. But as it stands there aren't any problems on either Madejski or TSI's side of things, we're just waiting on the Premier League to ratify everything still. But as it stands, everything is still the same as it was to start with and no one has pulled out/been found out.

Seems completely reasonable and has a ring of truth.....

yes - what I heard from a good source too (apart from the bit about the Forest game - surely the PL might have considerd us as promotion material before then.)

[grey_squirrel]

Here's a sure fire way to get this past 200 pages, or with the option of "cut and paste", 2000 pages.......


BREAKING NEWS!:

"I am pleased to announce that I have still entered into an initial agreement with Thames Sports Investment that still may lead to an investment in Reading Football Club.

For the avoidance of doubt, I would like to emphasise that I will still continue as Chairman of the club, and the club will continue to operate in the same prudent and business-like manner that it always has.

No further announcements will still be made until a binding agreement has been reached.

Chairman Sir John still Madejski"

(Apols to TBM for the blatant passing off / plagarism!)

Now. Can we get on!

[SpaghettiHoop]

On what date do we actually become members of the Premier League?

[Barry the bird boggler]

On what date do we actually become members of the Premier League?

Technically at the PL AGM which I believe is on 30th June so, to all intents and purposes, let's say "on 1st July".

[Royal Lady]

When SJM said he hoped it would all be completed by end of March, initially, I can only assume that he didn't think we'd be getting in the play offs! Because, shirley, if he knew that even if the FL ratified it, the PL would have to do their bit, he can't have possibly thought we'd have a chance of being top 6 (let alone automatically promoted) or he would have said something along the lines of, "should RFC achieve their aim of Premier League football this season, the PL will have to do their own checks and this will entail a delay" - however, all he's ever said when it hasn't happened is "next week" - don't his advisers tell him anything?!

[Royal Lady]

I beg your pardon?

I've just been thinking about this and I cannot understand why we kept being told "next week" - even when it was known we'd be in PL next season - surely even SJM knows that the PL have to do their own checks and we're not "officially" in the PL yet, apparently. So what was the purpose of all the "next week" gumph? You can all talk about pizzas and how many pages this will get to - but I can't see anything wrong in making the above post. Or this one.

[Platypuss]

Ideal, it's been stated many times before, but for the benefit of the hard of thinking I'll say it again:

They DID have the money for Everton, but they were having their chain yanked.

From PhilM's post on the "other" thread:

Evidence given to an public enquiry involving an Everton planning application...

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Subsequently problems emanating in the boardroom of Everton FC came to the fore most dramatically in the summer of 2004 when the newly appointed CEO Trevor Birch mysteriously left the club after just 6 weeks14 whilst the relationship between the Directors appeared to have become strained. This led to attempts by Paul Gregg in July 200415 to seize control of the club by offering to buy out Mr Kenwright’s and Mr Woods’ shareholding for a reported £15m with the offer to invest a further £15m through a rights issue16. Mr Kenwright and Mr Woods declined the offer stating that they wanted to know who was behind the offer and wanted to see proof of funding17. A PR war subsequently ensued with Mr Kenwright initially claiming to have found investment through Anton Zingrevich18 then miraculously through the Fortress Sports Fund investment proposals. These proposals appeared within a few weeks of Mr Gregg going public in his attempts to buy the club and this despite years of Mr Kenwright previously claiming to have been unsuccessfully searching ‘24/7’ for investment. Sadly, the issue with the Fortress Sports Fund was allowed to drag on19 and on20 until eventually most observers had began to realise that the Fortress Sports Funds proposals was just a tactic to prevent Paul Gregg from seizing control of the club. To date, I do not recall any official explanation as to why the proposals failed to materialise.
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In summary, Samuelson was used. Kenwright stalled. Incidentally, Gregg's offer was conditional on Kenwright relinquishing control.

If you want to explore it any deeper then the "Public Inquiry into application for: mixed-usedevelopment including a new football stadium, retail,residential and leisure uses on land in KirkbyProof of Evidence of KEIOC CampaignMark Grayson – Everton Football Club Shareholder" is a good starting point.

[Squelchy2507]

On what date do we actually become members of the Premier League?

Technically at the PL AGM which I believe is on 30th June so, to all intents and purposes, let's say "on 1st July".

We officially become members of the Premier League when the relegated clubs transfer their shares in the PL to the promoted teams at the AGM.
http://www.premierleague.com/en-gb/about/who-we-are.html

The Premier League AGM is due to be held in Darlington on 1st June. So another 13 days before we are officially a PL team.

[BonBoh]

On what date do we actually become members of the Premier League?

Technically at the PL AGM which I believe is on 30th June so, to all intents and purposes, let's say "on 1st July".

That's 'next week', isn't it?

[RoyalJames101]

I beg your pardon?

I've just been thinking about this and I cannot understand why we kept being told "next week" - even when it was known we'd be in PL next season - surely even SJM knows that the PL have to do their own checks and we're not "officially" in the PL yet, apparently. So what was the purpose of all the "next week" gumph? You can all talk about pizzas and how many pages this will get to - but I can't see anything wrong in making the above post. Or this one.

As I said a few pages back, from a usually reliable source.

The Football League still told us it would only take up to a week (after we were promoted), hence why Madejski said it would be done "next week". The Football League screwed us over as the checks were always going to take longer than that as the Premier League are a lot stricter on the checks.

Why no one has come out and said anything is slightly weird, but maybe they just don't want to start doing loads of interviews just in case things do go wrong?

[Yellowcoat]

There is a new video on the official Premier League website which says the takeover will be completed imminently.
Hardly likely to have put that up now if they are still anticipating problems.