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Reading owner puts the club up for £1…plus millions in debt

May 26, 2014, 12:14 PM EST

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Reading, recently relegated from the Premier League, is now up for sale for the low price of one pound.

The catch: you also have to take on the club’s £38 million ($64 million) in debt.

According to The Reading Chronicle, Reading majority owner Anton Zingarevich has put his 51% stake in the club up for sale, hoping to offload the club onto some other billionaire.

The club just missed out on the Championship playoff, finishing in seventh, just one point below Brighton Hove & Albion.

Interested parties reportedly include Indian Mohit Burman, and Israeli Teddy Sagi.

The report says Sagi visited the Madjeski Stadium last week, discussing potential plans for the club and its surrounding area, including a shopping center and a residential area.

Sagi is worth $2.53 billion according to Forbes, and according to the report the current owners are looking for a quick fix to their debt situation, with the HMRC (Her Majesty’s Revenue and Customs) on the club for a $3.2 million tax bill which they are struggling to pay.

Burman, part owner of Indian Premier League cricket club Punjab Kings XI, and is operating under the overarching company Pavilion Sports.  He also owns badminton and kabaddi teams in India but is hoping to get into soccer.

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