Football News: Reading announces huge debt rise

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Reading Football Club (Holdings) PLC had a net debt of £65,450,800 at its year end of June 30, 2014.

The scale of the debt has been revealed in the directors' report which has been sent out in advance of the club's AGM, which takes place on 29th December.

RFC (Holdings) is the parent company of Reading FC and its directors are Sir John Madejski, Ian Wood-Smith, Ian Smith and Madejski's two daughters Helen Morris and Camilla Morris.

Last year the debt was £18,850,932, but this year has seen the company required to reacquire the 51% of the company which had previously been taken over by Thames' Sports Investments.

TSI was the investment vehicle used by Anton Zingarevich in his failed takeover of the club, which had been due to buy the remaining 49% of RFC (Holdings).

Written by Tris Burke December 11 2014 11:00:19