John Madejski's Sackville in debt restructure talks - report

LONDON Thu Feb 3, 2011 10:57pm EST

LONDON (Reuters) - Tycoon John Madejski is in talks to restructure a loan that backed the expansion of his property empire, the Financial Times said on Friday.

Madejski's Sackville Properties has breached the covenants of a 51.8 million pound loan from Royal Bank of Scotland (RBS.L) that funded his property acquisitions, the newspaper said, citing accounts filed this week.

Madejski, the owner of Reading Football Club, has a range of commercial holdings from property to publishing.

Sackville Properties and RBS were not immediately reachable for comment.

(Reporting by Karolina Tagaris; editing by Lincoln Feast)

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