An iconic name in English football, Reading Football Club, is on the verge of financial collapse. The English Football League (EFL) has fined Chinese businessman Dai Yongge, the club’s owner, £50,000 due to claims of financial mismanagement and negligence. The fine, in addition to previous sanctions, is a clear indication of the club’s precarious situation during Yongge’s leadership.
Under Yongge’s direction, Reading FC has frequently faced financial fines and point reductions. £80,000 in fines have been imposed as a result of his inability to fund a deposit account designated for player and staff salaries. In addition, the team has lost an incredible 16 points during the previous two years, plunging to the 21st spot in League One’s third level.
Loyal supporters of the club have not been blind to the financial difficulties. Just 16 minutes into Reading’s encounter against Port Vale, a protest by almost 1,000 home supporters led to the game’s cancellation. The pitch invasion, a powerful representation of the fans’ unhappiness, highlights how deeply irate they are with Yongge’s management of the team.
Amid the uncertainty, the EFL has issued an ultimatum to Yongge: either secure appropriate funding for the club or commence the process to sell the squad. The League is preparing to impose more charges against Mr. Yongge and is aggressively pressing him to transfer his majority interest to appropriate new owners. For Reading FC, these developments represent a crucial turning point. The club’s owner must act decisively to address the current instability, either by providing significant financial support or by changing ownership.
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