Madejski reveals ‘slow progress’ in owner search

There’s no need for panic just yet, but chairman Sir John Madejski has said a search for a new owner is not going too well at the moment.

Since Russian owner Anton Zingarevich ‘did a runner’ a few months ago, it means that Madejski has been left with the job of finding someone to help run the club with him. While Madejski’s commitment to the club is undoubted, he has admitted he will need financial help to make sure the club do not need to sell their key players in the summer.

Speaking to the BBC, Sir John said: ‘There’s absolutely nothing imminent, and obviously that is a concern, of course it is. We know the voracious cost of running a football club is absolutely immense. People with that sort of money are few and far between, so it’s absolutely critical we find somebody, but the search goes on.’

There have been several interested parties that have been rumoured over recent months, but it is understood that no party has matched Madejski’s £20 million price tag. An American consortium was the first to be mentioned, before an Omani group were interested and has since go onto the owners of Galatasaray and an Italian businessman.

The word ‘critical’ used by SJM does make for some interesting reading and slightly concerning too. The last situation we want is to be selling our key players in the summer to balance the books and returning to the dark days of backwards progress. Investment is not only crucial for outgoings, but also for incomings into the squad too.