“Manager betrayed, new signings betrayed, fans betrayed” – Reading have been hit with a new punishment according to reports.
The club’s fans had been feeling more encouraged with the last week or so, but now their side’s plans for 2023/24 League One season have been dealt with a blow.
James Earnshaw of Reading Chronicle tweeted on Wednesday afternoon: “Seen a few rumblings on here… unfortunately it’s true. The club are in trouble with late payments again and are under another embargo-less than a month after an almost identical issue. When can we go back to just talking about the football š #readingfc”
Seen a few rumblings on here …unfortunately it’s true. The club are in trouble with late payments again and are under another embargo-less than a month after an almost identical issue. When can we go back to just talking about the footballš #readingfc https://t.co/W8sQUtBLzJ
ā James Earnshaw (@james_e1871) July 26, 2023
In his article, he says that Reading have been placed under an immediate transfer embargo for failing to pay HMRC on time again after they were due to pay a bill last week, but it seems they are yet to pay the ‘significant’ amount and ow have to suffer the consequence.
It came after the club were served a winding-up petition for the same issue last month with a court date set for the 7th of August over the last bill, which has been paid, however now that this issue has arose, it remains to be seen how much it will affect the hearing.
EFL charges remain outstanding against the club and owner, Dai Yongge, for late payment of staff wages.
Ruben Selles, recently appointed by the club, was hoping to make as many as 10 new signings, and some additions were made in the last week, but now, has plans are messed up again with just weeks to go until the new season gets underway.
There is less than a fortnight until the start of the new League One campaign.
Lewis Coombes of BBC South Today, recalls how a financial gamble turned into a nightmare with Reading going from the Championship playoff final in 2017 to being relegated to the third tier of English football for the first time in 21 years, have had points deducted for breaching financial regulations and faced a winding-up petition over unpaid taxes six years later.
He said in his piece: “Such is the strength of feeling among the same supporters that cheered their side on at Wembley, a pressure group called ‘Sell Before We Dai’ is now calling for a change in ownership.
“I’ve been on a journey to explore why things have gone so wrong and how a financial gamble on reaching the Premier League has turned into a League One nightmare.
“It’s taken me on a tour of Chinese governance, underground shopping malls, the Belgian second division, the Hong Kong Stock Exchange and a millionaire’s mansion.
“I’ve spoken to a former owner, professors, BBC colleagues in Hong Kong, trawled through stacks of documents and most importantly listened to supporters about why they feel so disconnected with the club they love.”
Ex-Reading chairman Madejski said: “I have total sympathy with the staff and total sympathy with the fans,” Madejski said.
“I feel sad that we’re in the situation but Mr Dai has actually put well over Ā£200m into the club – it’s an absolute skyrocketing fortune on the pitch.
“It hasn’t been a success and I think he’s had very bad advice because quite frankly for the investment he’s put in, he’s seen scant return.”
HMRC issued a winding-up petition to Reading over unpaid taxes at the end of June, coming after the club had been charged by the EFL for failing to pay their playersĀ on three separate occasions during the 2022-23 Championship season.
So to answer the question of how does a multi-millionaire fail to pay his bills, professor Simon Chadwick, an expert in sport and geopolitical economy, explains how the changing political landscape in China was having an impact on getting money out of the country.
He said: “Economic conditions have changed [since Dai’s takeover of Reading], the political mood in China has changed, the appetite for football has certainly changed shape.
“The Chinese government started to kick back against ‘capital flight’ because essentially what was happening is football club investors, amongst others, were borrowing money domestically and then investing that money, very often in unprofitable or unproductive assets, overseas which puts strain on the Chinese financial system.
“So the shutters [on Chinese money leaving China] started to come down in 2017-18 and it became very difficult to move money around.”
Meanwhile, the ‘Sell Before We Dai’ group state they have little faith in owner Dai Yongge and CEO Dayong Pang.
“Despite his best intentions Mr Dai’s stewardship has been an unmitigated disaster,” said spokesperson Nick Houlton.
An in-depth look into the issues faced at #ReadingFC.
It’s taken me on a tour of Chinese governance, underground shopping malls, the Belgian second division, the Hong Kong Stock Exchange and a millionaire’s mansionā¦
READ MORE HERE @BBCSport ā¬ļøhttps://t.co/9RFCdGl1mp
ā Lewis Coombes (@LewisCoombes) July 25, 2023
āIt’s been clear during this journey that everyone connected to Reading is being hurt by the recent turn of events.
None more so than the fans.ā@BBCSouthNews #ReadingFC pic.twitter.com/1803fMPZoa
ā Lewis Coombes (@LewisCoombes) July 25, 2023
On tonightās @BBCSouthNews weāll take an in-depth look at financial problems faced at #ReadingFC & why, coupled with a lack of communication from owner Dai Yongge, fans are calling for change. The club has declined to comment. More on BBC1, 1830. pic.twitter.com/btxjTD7PuE
ā Lewis Coombes (@LewisCoombes) July 24, 2023
Worth noting clubs have 2 days to settle any issue before an embargo is officially publishedā¦
Watch this space! #ReadingFC #EFL https://t.co/xUi3yVzL0z pic.twitter.com/sJcaRbO1Mt
ā Lewis Coombes (@LewisCoombes) July 26, 2023
“Manager betrayed, new signings betrayed, fans betrayed” – This is what Twitter users are saying as Reading are reportedly hit with a new punishment…
@Reading106: So what’s the plan @SellBeforeWeDai? There’s a home game Saturday… #Readingfc
@cjwells73: For Fucks Sake!!!! Get a grip @ReadingFC Embargo again? #joke #readingfc
@PAN1F: I wish I could say I was shocked. Signing a manager and a few players wasnāt going to make the debts go away. The Purple Turtle event was just a lame attempt at distraction. Fans, players and staff deserve better. #SellBeforeWeDai #readingfc
@SirDodgerRoyal: Well it didn’t take long before #readingfc failed again to pay a bill. Once again they in debt to HMRC. Will RFC pay within two days before the EFL embargo on transfers is back in place? I doubt it. How many rabbits can the Club continue to pull out of Dai’s hat?
@drawn2water73: #Readingfc You can expect the club to struggle this season, probably end up in administration, almost certainly face sanctions and points deductions and possibly face the threat of being wound up! Owner and EFL – gaping assholes
@lambeyyy1871: Everyone getting excited about these signings and thinking everything is better now. No. We donāt know what happens behind the scenes. Dai needs to go before itās to late. Before our club does die. #SellBeforeWeDai @SellBeforeWeDai #DaiOut #readingfc
@iJC106: I donāt know how much longer my head can fucking take this. Been taken for a mug renewing my season ticket. Such a slap in the face to Bowen and co who have tried so hard to rebuild this club with all the obstacles in the way. Get this useless prick Dai out now. #ReadingFC
@mrchrisr91: Just a point to those who mocked those who protested within the Sell before we Dai group. Now that we are back under embargo, how much of a prick do you feel now? #readingfc
@etiawneb: Any other ‘business’ and the CEO is fired by this point…. Proves to me that Dayong Pang is only their as a friend of Dai rather than for his business skills. The next announcement from @ReadingFC has to be his resignation or sacking….. #ReadingFC
@richiec87: It started to look like (after finally paying up) football people were making football decisions. Slowly but surely. On queue the following month we fail to pay yet again. The disrespect š¤¬ #readingfc #SellBeforeWeDai
@Alex_Shep_Urzz: How many times?! Embarrassing. Killing my club, heās got to go. #SellBeforeWeDai #ReadingFC
@uofsarn: First game of the season in a week and a half. We have to make a statement – big time. We canāt fold like we usually do, whether itās socks, tennis balls, pitch invasion it doesnāt matter. Letās just do something #readingfc
@Tatum1871: Thereās nothing better than having a stressful day at work and then all of a sudden seeing your club is back in more financial trouble. Canāt catch a break #ReadingFC
@frustratedroyal: Well those two weeks were nice whilst they lasted with the club on the up! Honestly you couldnāt make this stuff up even if you tried! Beyond obvious that Dai needs to GO!!!! #sellbeforewedai #thanksbutnoDais #readingfc @ReadingFC
@UTD1871: Absolutely devastated to see we have HMRC problems again. Selles, Bowen, Carey etc must feel like theyāre just being thrown under a bus at the moment. Not to mention the other hard working staff! They should be walking away from #readingfc ā¦ sickener! #sellbeforewedai
@CazParker1871: Season derailed even further now. I’m fairly confident I speak for most #ReadingFC fans when I say we’ve totally & utterly had enough. Season after season of this wanton disregard for this club and it’s fans. Please leave. #SellBeforeWeDai
@CScott____: Ruben Selles has said since day 1 that he was working under restrictions hence weāve only signed free agents. Wouldnāt surprise me if he/Bowen and Co knew this was coming all along. Not like weāve been splashing the cash up until now. What a club! #ReadingFC
@DH_Editz: The EFL approve a Chinese takeover of our club. Chinese government now making it harder for these owners to move money out of China, the club then struggle to have money to pay its bills. The club and fans are then penalised with embargo’s and deductions. Repeat. #readingfc
@drawn2water73: #Readingfc There’s no light at the end of the tunnel. The club needs a buyer. Expect points deductions are now inevitable and it will be a very long season. The owner has to go he’s destroying the club and it’s reputation
@TalkReading: A stark reminder that all the hard work from Mark Bowen, RubƩn SƩlles and the rest of the staff can be undone in an instant. Undoubtedly players they had lined up will now look elsewhere. So frustrating and so unsustainable. #SellBeforeWeDai #readingfc
@mrchrisr91: Just when you were getting excited, Dai fucks it up again. Hello embargo… @SellBeforeWeDai #ReadingFC
@dinglouis_: Unbelievable š¤¬š¤¬ there HAS to be a big protest vs Posh thatās actually going to make an impact not chucking a few socks on the pitch. #readingfc
@m1871e: Signing players was fun while it lasted. Back to square one now with financials. He has to sell. And we as fans, have to do something asap. #readingfc
š£ļø18th July 2023 – Ruben Selles: ‘At least 10 more players.’
š« 26th July 2023 – Dai Yongge: ‘Here’s another embargo.’
š½Another season down the toilet because of our joke of an owner.
š©Manager betrayed, new signings betrayed, fans betrayed. #readingfc https://t.co/2CDJOtgzU5 pic.twitter.com/ELSC7iiyzT
ā Greg Double (@Dubstep1988) July 26, 2023
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