SIR John Madejski has hailed the takeover of Reading Football Club by Russian millionaire Anton Zingarevich as Royals dream ticket back to the Premier League promised land.

Sir John sat alongside Swiss businessman Chris Samuelson - a representative of Zingarevich's Thames Sports Investment (TSI) - at the Madejski Stadium today and said he was "absolutely delighted" and "terribly excited" with the �25m takeover deal.

The chairman will continue in the post - which he has held since rescuing the club more than 20 years ago - until at least 2014 and said Reading will no longer have to sell their best players each year.

Sir John said money would not be splashed around "willy nilly" but promised the take over was Reading's "dream ticket". He said: "I am so grateful we have been able to attract these people who understand the Reading way, if you will, and are pleased to sort of nurture it and take it forward and take it into the promised land, which is what everybody wants."

Mr Zingarevich's team has already got down to business - putting pen to paper to secure winger Jimmy Kebe's future at the club until 2014.

The 29-year-old Russian, who hails from St Petersburg but went to school at Bearwood College in Sindlesham and watched Reading from the terraces at Elm Park, was unable to be at today's press conference because he is having difficulty obtaining a visa.

Mr Samuelson, who will become a director at the club when the deal is finalised, backed manager Brian McDermott and said the first thing TSI will do is invest in the playing squad.

But he ruled out being able to compete with the likes of Manchester City for Champions League places and said the club must establish itself in the Premier League and make the Europa League its next target.

He added: "Reading Football Club is one of the few football clubs with a strong financial balance sheet in terms of no debts, it has a modern stadium it has a very strong supporter base and it is ideally positioned, it really belongs in the Premier League and we have to get it back there, which of course will take time. Who knows when that can happen.

Mr Samuleson promised investment for the academy and scouting network, and said TSI would also look to expand the Madejski Stadium, which he added could be included in a naming rights deal.