Russian tycoon buys into Reading FC

Reading FC chairman Sir John Madejski has agreed to sell 51% of the club to Thames Sports Investment, a company led by Russian tycoon Anton Zingarevich who once studied at the Reading university.

Madejski, who has owned the club for 22 years, made the announcement before Saturday's game with Hull City.

"It's great news for the club and the fans and means we can get investment which is what we need," he said.

TSI are a newly formed private investment company and the sale is scheduled to be completed by March.

The deal, worth a reported £40 million, is now subject to due diligence.

TSI have stated that they will not be seeking to make any changes in terms of management at the club and that they will provide money for Brian McDermott to spend before the January transfer window closes.

As part of the sale, Madejski has agreed to stay on as chairman until at least 2014 and he will become life president if and when he does step down.

He added: "Overall this means long-term stability, and it means going forward with an opportunity of building. It means we carry on as we are. There's no fundamental change, the ethos and way we do things at Reading will continue in the same spirit and same way.

"We're very proud of our reputation here at Reading, we've got a great manager, a great staff on and off the pitch, and a great squad of players which will no doubt be strengthened before the end of January.

"As I say there will be money immediately available to strengthen the squad before the end of the month.

"But the club will always be prudent, as it always has been. There will be a possibility to strengthen, but only in a sensible way. It won't be a situation of just throwing money at something.

"Everything we do must be prudent, if it's not prudent then we won't do it. There's just more security around the club and a real opportunity of progressing."