Royals fans are increasing their efforts on a weekly basis to try and get owner Dai Yongge to sell the club
The situation at Reading FC is becoming increasingly desperate – both on and off the pitch.
On the pitch, the Royals are struggling to adapt to League One following their drop from the Championship last season, and four points worth of deductions since the start of the season hasn’t helped either.
Only three of the first fifteen games of the season have been won by the new head coach Ruben Selles’ team, who has added a mix of younger and more seasoned players.
Their last victory was a 2-1 victory over Bolton Wanderers in mid-September; after five losses in their previous six games, they are now a massive eight points outside of safety in League One.
The owner Dai Yongge’s uncertain off-field circumstances are also not helping; he has been charged with multiple financial misdemeanours recently, and for three seasons in a row, there have been various types of point deductions because of his excessive spending in his early years and subsequent non-payment of wages in full.
Furthermore, as a result of his activities, the ‘Sell Before We Dai’ movement was born to express disapproval of his ownership, with the ultimate objective being his swift transfer of the club to the appropriate party.
What is Dai Yongge’s stance on selling Reading FC?
At one point recently, Yongge was happy to stay at the Select Car Leasing Stadium, even though he has been having his obvious issues moving money from China to the United Kingdom to fund the club.
However, as of nearly a month ago, Yongge revealed his new stance in that he was open to selling up for the right price and if there is credible interest in doing a deal, and that there had already been significant interest from parties wanting to take over at the Berkshire club
Yongge has already owned two clubs – Beijing Renhe in China and Belgian outfit KSV Roeselare – that have both liquidated due to no funding, but this isn’t expected to happen to Reading as there is interest.
What is the latest on Reading FC’s takeover situation?
The main interest however comes from William Storey, the controversial British businessman who was part of a sponsorship deal in the 2019 Formula One season with Haas Racing.
Through his Rich Energy drinks company, Storey sponsored Haas Racing for half of the season before the deal was terminated in acrimonious circumstances, and whilst he has continued to be involved in motor racing, proposed deals for Coventry City and Sunderland were unsuccessful and there is little proof that he has the funds or that his drinks are actually on the market.
More than two weeks ago, The Telegraph reported that Storey and Yongge had reached an agreement to sell the club for £50 million, but the Royals denied this on their official website.
Although Reading manager Selles has acknowledged that he has seen Storey, it doesn’t seem like he has made up his mind just yet as he has also met with other possible new owners of the team.
Given the uncertainty surrounding Storey’s business dealings and personal finances, there is no guarantee that he would pass the EFL’s Owners’ and Directors’ Test either. However, some fans are worried that he may acquire the club.
This story may drag on for some time unless transactions have been quietly going on, given there have been no meaningful developments regarding agreed deals or new parties entering the picture recently.
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