Front runner withdraws interest

The takeover saga has taken another twist, as Indian businessman Mohit Burman has withdrawn his interest over buying the Berkshire club.

According to Get Reading, Burman withdrew his interest because of lending company Vibrac, who are now demanding more than the £1 asking price for the club. Vibrac are owed £10 million by the club and because of these new demands, have put off Burman’s consortium.

The original asking price for the club was £1 and to wipe the £20 million+ debt, but the banks, who are now in control of the club, are now demanding more money. However, Sir John Madejski and the current board til have a say, when potential owners are being considered.

Just when we thought it was all turning a corner, it is seemingly getting somewhat worse. With Madejski now losing his firm grasp over the choice of the club’s owners, who knows what could happen next. A firm conclusion is needed very soon, we hope for that much.