Reading FC Russian tycoon Anton Zingarevich has taken a 51% stake in the club. The deal, revealed four months ago by chairman Sir John Madejski, sees Thames Sports Investment, owned by Zingarevich, acquire a controlling interest in the club.
The club statement read:
“A 51% acquisition by Thames Sports Investment has now been completed, complying with all Premier League and Football League requirements."
"We now enter another bright new era."
The deal is concluded exactly six weeks to the day since Reading manager Brian McDermott guided his side to automatic promotion from the Championship.
Playing in the top division of English football for at least the 2012/13 campaign will increase the Royals' revenues.
By reaching the top flight, Reading's takeover required additional Premier League approval, which has only just been forthcoming.
"A 51% acquisition by Thames Sports Investment has now been completed, complying with all Premier League and Football League requirements," read a club statement.
With the change in ownership, new directors have joined the board.
"Four additional directors have been added to the Reading Football Club board chaired by Sir John Madejski, namely Anton Zingarevich, Christopher Samuelson, Andrew Obolensky and chief executive Nigel Howe. Ian Wood-Smith also remains a director."