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GetReading's Charles Watts has this morning reported that the Football League are unhappy with the sudden power afforded to Vibrac, the offshore lending company who are in control of the club's takeover negotiations.
<blockquote class="twitter-tweet" data-partner="tweetdeck"><p>Phoenix make £5m offer for <a href="https://twitter.com/search?q=%23ReadingFC&src=hash">#ReadingFC</a> as Football League investigate Vibrac's sudden position of power at the club <a href="http://t.co/8EG08qGMiD">http://t.co/8EG08qGMiD</a></p>— Charles Watts (@charles_watts) <a href="https://twitter.com/charles_watts/statuses/477360484405219328">June 13, 2014</a></blockquote>
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Phoenix, the American-based hedge fund company, have made an offer of £5m plus the eradication of any debt the Royals owe for the ownership of the club. Former board member, Chris Samuelson, is said to be heavily involved in the Phoenix bid — which may go some way to explaining why he was removed from the board.
However, Vibrac, who are based in the Virgin Islands, are under the microscope from the Football League as they feel it's unsuitable for them to have so much power without passing the fit-and-proper persons test; though as Royals fans, we know just how nonsensical that test really is.