Reading FC

Reading FC chairman Sir John Madejski
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Madejski: My support for Reading FC is unwavering

By Jonny Fordham
September 01, 2010

Reading chairman Sir John Madejski has defended his decision to sell star midfielder Gylfi Sigurdsson to Bundesliga outfit Hoffenheim for a record £7million.

The 20-year-old made the shock move to Germany on Monday, much to the anger of Royals fans who had hoped to see the Iceland international remain with Royals after he signed a three-year contract extension in May.

Royals have inserted a sell-on clause into the deal and will pocket a cash windfall should Sigurdsson leave Hoffenheim in the future.

The playmaker and set-piece specialist had risen through the ranks at Madejski Stadium.

Last year the ice-cool schemer hit 20 goals as he was crowned the club’s player of the season and he was linked with several big moves to Premier League clubs Fulham, West Brom and Bolton.

He scored a stunning goal against Leicester City in Reading’s first Championship win of the season on Saturday before he flew out to Frankfurt to complete a medical and agree personal terms with Hoffenheim.

And Royals supremo Sir John said: “This is the right move for Reading Football Club.

“My support for Reading Football Club is unwavering, and while I am chairman we will do things the right way.

“I understand that some supporters would prefer Gylfi to stay, but he is a fantastic young player who is bound to attract interest at the very highest level.

“He is one of the finest players to wear a Reading shirt in my 20 years here, and that type of player will always catch the eye of the very biggest clubs.

“We have a well-publicised deficit in our budget now that the parachute payments have ended, and we have to take steps to fill this shortfall for the good of our football club.

“As chairman of this great club, I have to take decisions that are best for the long-term future, not just for the short term, and I like to think that so far we have made more correct decisions than incorrect.

“Very importantly, with this manager, staff and players, we remain competitive in this division and following Gylfi’s departure we will add new players to the squad.

“One cannot underestimate the hard work that the manager and Nick Hammond have done in this regard.

“Last, but not least, we wish Gylfi every success in Germany. His rise to prominence has been quite incredible.

“He is a credit to our very successful Academy, led by Eamonn Dolan and his staff.

“At the same time, we also look forward to the sustained future of our football club.”

Manager Brian McDermott said: “I spoke to Gylfi and his father Siggy, who is a real friend of this football club, and a few tears were shed.

“Gylfi is not only a fantastic player but a fabulous person and a credit to his family. I look forward to seeing his progression throughout the years.

“Eamonn Dolan and everyone in our Academy must be very proud to see the progression Gylfi has made in such a short space of time, and England’s loss is Germany’s gain.

“I know Gylfi is very excited at the prospect of playing in the Bundesliga. Frankly we could not stand in his way and the deal is right for all concerned.”

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@LESTER

You say that it amuses you "The volume of people who think they are qualified accountants that comment on figures based on what they've read in the papers." Then in your next post you say "SJM then stumped up something like £50m+ which takes some balls, a pretty big risk especially with fickle RFC fans...." Pots,black and kettles spring to mind or otherwise you are very close to SJM or maybe even him(doubtful) to have such knowledge.

@Robsy

If your rash is RFC related??? Don't worry your on the right site...

Little Rascal
05/09/2010 at 19:48

Oh c'mon Harb...you're doing my head in now!!

If you do know how to run a business then you'll know that if you 'donate' money, you know that you're not going to get it back. The point of an "investment" is to eventually see a return or at least recoup that investment. When you 'bankroll' something, it's the actual stumping up of the cash, usually for an investment - it doesn't mean donation. Back in the 90's RFC used to use his money to buy players because RFC couldn't borrow....I'm not sure if he donated or not....maybe.

There are billionaire chairman out there who see Football Clubs as a new toy and will probably donate cash for players, simply because they can (Man City). But let's face it, unless you can afford to w#nk money away, it really isn't a good idea and you'd be a bit daft to think that SJM (with his well touted "run the club like a business" approach) would do that.

SJM then stumped up something like £50m+ which takes some balls, a pretty big risk especially with fickle RFC fans....Now you can go ahead and tell me that we sold this player and that player, TV rights, Hotel money, leases yada yada yada....and he should have got that money back by now. TBH - I don't know. I do know that there is a good reason for parachute payments and that relegation alone cost RFC £22m....and if SJM (or rather the football clubs YE accounts) says there is a £4m deficit, then why shouldn't I believe it? As you should know...there are auditors out there who will spot irregularities....(good luck to you if you want to make those kind of accusations tho). I fully expect the cash made from the Sig, will go back into the club because that's how it's supposed to operate....but it doesn't mean it automatically goes into the transfer kitty.

Tax - Well bravo for mentioning it, but there is no point to your statement. RFC is a UK based business, SJM is an individual...and?

and lastly....what price has SJM put on the club?

Lester Crinklesack
03/09/2010 at 14:06

I seem to recall this guy on TV saying he would 'sell the club when he can find someone daft enough to buy it'!

Dustybin, Reading
03/09/2010 at 11:55

Stop waitng for football in the premier division. We already have Premier football in Reading, it is seven divisions below in the Helenic Premier,it is Reading Town FC. £6 a game and free parking. Don't get that at the Mad Stad do you!

James London Irish Eastie Beastie, Whitley
03/09/2010 at 09:13

Lester

Please provide some figures to back up your assertion that Madejski used to bankroll the club. Just how much has he actually donated as opposed to lent to the club.

As for not mentioning the tax man, I believe that you can save considerable sums of tax by remaining out of the country for a given period of time. Likewise there are legitimate ways in which businesses can minimise their tax liabilities.

BTW I do know how to run a business and also know that a bare set of accounts rarely, if ever, tell you the full story.

HARB
02/09/2010 at 16:56

Why can't I get rid of this rash? .... oh C**p wrong site ......

Robsy , Reading
02/09/2010 at 16:39

Madejski must know her. Can't he even sort that out? Pathetic.

JC, Woodley
02/09/2010 at 16:38

Why can't I get a date with Kate Winslet?

Bushes Bernal, The Hop Leaf
02/09/2010 at 16:26

Why can't we be like Man City and buy the best players so we get promoted and then aim for the Champions League?

JC, Woodley
02/09/2010 at 15:54

At long last - we now all agree and have harmony - excellent!

Southbank Dave
02/09/2010 at 15:51

cant see where goals are coming from unless we sighn a loan striker or two, when was the last time a reading striker scored, now that gylfi has gone we are deemed to see even less but keep the faith and belief that all will come good. rich southcote.

mack, rg303qd
02/09/2010 at 14:34

@ Lester - well put

Amuses me too!

Robsy , Reading
02/09/2010 at 13:35

That post was far too sensible Lester. Get ready for more posts from people spending the Chairman's money for him.

Bushes Bernal, The Hop Leaf
02/09/2010 at 13:34

I'll tell you what amuses me...

1) The amount of people who think they know how to operate a business. 2) The amount of people who think they know how to run a Football club. 3) The volume of people who think they are qualified accountants that comment on figures based on what they've read in the papers.

But the best ones are the conspiracy theorists. SJM says there's a £4m deficit....we sell Sigs for £6m...but we've only spent £50k...where's the rest of the cash? It must be in SJM's pocket...he lied to us, he's kept it for himself along with the parachute money (that is given to a club for no reason at all)....I bet he's gone and bought another sculpture with the RFC money!

Really cracks me up....and not one person has mentioned the tax man!!

RFC money is RFC money, SJM can spend his money how he likes....he used to bankroll the club, now he doesn't have to. Yes he owns a lot of stuff that he leases back to RFC, but that is a GOOD thing, not a bad thing...we'd be even more out of pocket if there were further external factors involved, but luckily (or because of good business practice) it's 'in-house', so we have more control over the cost of it.

Lester Crinklesack
02/09/2010 at 12:57

Southbank Dave,I was highly amused by your inference that Sir John payed the RFC players £54 million per season when in the premier league.In the 1st season RFC received £23.6 million from tv money,in the 2nd they recieved £30.6million.You might agree that is £54.2 mill' in total and yet, you suggest that the chairman' splonked out' £108 mill' on players wages in the same period on wages.NO,no,no no no! .Remember Sir John only does cheap, unless its got his name on it.