Israeli billionaire Teddy Sagi is in talks to buy control of Reading for just £1, according to reports in his native country. Sagi, who is worth around £1.5billion according to Forbes, would pay off the club's debt, which amounted to £38million when they were relegated from the Premier League last June. The debt has probably risen significantly during their Championship campaign that saw Reading finish seventh and miss out on the play-offs on the last day of the season. Sagi was spotted flying into the Madejski Stadium last week in his helicopter. The Israeli is a Chelsea fan with a corporate box at Stamford Bridge and if the acquisition goes ahead, Reading appears to be a real estate opportunity as much as the adoption of a new club to support. Sagi's bid includes plans to build a shopping centre and hotel in the Madejski Stadium car park and a housing development on Reading's Hogwood Park training ground. The Israeli made his fortune through Playtech Corp, which provides the software for bookmakers' websites and gambling machines, and earlier this year he bought Camden Market for £400m.