Israeli billionaire Teddy Sagi keen on buying Reading Football club for £1
As per reports Israeli billionaire Teddy Sagi is in talks to buy control of Reading for just £1.
Sagi’s fortune is worth around £1.5 billion, as per Forbes, and he would pay off the club’s debt of £38 milion following their relegation from the Premier League in the 2012/13 season.
The Israeli billionaire is said to be a Chelsea fan with a corporate box at Stamford Bridge. Last week Sagi was spotted flying into the Madejski Stadium in his helicopter, and if the acquistion is completed it appears as a real estate opportunity for Teddy Sagi.
Sagi’s plans include building a shopping centre and hotel in the Madejski Stadium car park and a housing development on Reading’s Hogwood Park training ground.
Reading’s current owners Anton Zingarevich (51 percent) and Sir John Madejski (49 percent) have reportedly agreed to Sagi’s offer and have snubbed the offer of Indian businessman Mohit Burman because of Sagi’s strong business connections in the UK and his “deep pockets”.
Indications are that while Sagi would buy control of the club, Zingarevich and Madejski would still continue as minority shareholders.