Reading ‘could be saved by ex-owner Roger Smee but must first face going into administration and the points deduction’ you get for that.
The League One club which has been facing significant financial and administrative challenges, might see a potential lifeline through the interest of a former owner.
Reports indicate that Roger Smee, 76, has expressed interest in reacquiring the club, with this interest sparking discussions about a potential “rescue package” to take the club off the hands of the current owner, Dai Yongge, who has been at the centre of the club’s financial turmoil.
🚨Bit more on the Roger Smee links:
Understand there is truth but he would only be an option IF the club were to fall into admin, which is looking unlikely currently. His interest has been long-standing. Club still in talks with unnamed partyhttps://t.co/pQxziGIDRo
#readingfc— James Earnshaw (@james_e1871) November 13, 2024
However, for this rescue to move forward, Reading must first accept what could be described as the “biggest deduction yet” of 12 points.
The club has already faced multiple points deductions due to financial mismanagement, late wage payments, and failure to comply with directives from the EFL. This new deduction would be part of the conditions set for the transition in ownership.
Reading has also been docked points several times over the recent seasons. This includes a one-point deduction for late wage payments last season, followed by another three points for failing to deposit funds to cover wages, and now, potentially facing further penalties.
As seen above, Reading Chronicle’s James Earnshaw reports that there is truth but he would only be ‘an option IF the club were to fall into admin, which is looking unlikely currently. His interest has been long-standing. Club still in talks with unnamed part.’
Silence on the sale of #ReadingFC has gone on for too long, with reports the club only has funds until mid-November.
Not only have we renewed calls for the club to communicate with fans, we’ve given them a helping hand with an example of a meaningful update (one which we think… pic.twitter.com/vD6uukNUxG
— Sell Before We Dai (@SellBeforeWeDai) November 14, 2024
A statement released by Sell Before We Dai this week reads: “Silence can be golden or deafening. Which is it?
“We’ve always had a policy of piping down during periods of exclusivity. The whole point of Sell Before We Dai was to raise awareness of Reading’s plight for potential new ownership and pressure Dai Yongge into selling the club. So, when the club is apparently being sold, we put ourselves in the background, with our political work continuing behind the scenes.
“However, we’ve also always had a policy of being led by the fans and it’s clear there is a fast-growing disquiet about the total silence from the club.
“Truthfully, we’re a bit torn on this. On the one hand, the silence could be golden. Professional buyers wanting to do due diligence with anonymity and without media distraction is understandable, and, equally, we appreciate that the club do not want a repeat of the Rob Couhig situation – the disappointment felt so much worse because it felt like we were so close.
“However, the silence is now creeping into deafening. We have three main concerns:
Short-term funding
Reading’s previous statements have assured us the club will be funded until a transaction has been completed. Does this remain the case?
Are we at risk of another fire sale of our best young talent, behind the back of our manager? As a reminder, the most extreme fan action was triggered by fans being lied to regarding player sales.
Confirmation that the club remains in a period of exclusivity with a potential buyer
A simple yes or no will do here. You can keep the specifics, but you can – and should – give fans reassurance.
Confirmation the club can be sold
Again, a simple yes or no will do here. You will have seen the same rumours and media articles we have – essentially saying the club is “unsellable”. You can keep the specifics, but you can give fans reassurance.
“We know that every time STAR push for updates, they are met with NDA-related barriers, but it is the club’s responsibility to update fans, not STAR’s.
“With that in mind, we have taken some legal advice and the liberty of writing you a statement we believe would update fans – and without breaching confidentiality agreements. It calls on publicly available information, refers to previous statements and, though it remains light on detail, it is heavy on reassurance.
“Fans don’t expect every detail and this isn’t about performative communication. It’s basic customer service to tell your fans that the single biggest issue facing our club is being worked on.
“If you can’t provide an update as vague as the one we have provided, the volume of fan concerns will get louder with each passing day we’re met by silence.”
Here’s how fans reacted with reports Reading ‘could be saved by an ex-owner but must first face administration and points deduction’…
@AndyRFCCharman: If he manages to achieve this, he will return to the top of the leader board when it comes to saving our club. Once was fantastic, twice would be incredible. I’ll be amongst the first to chip in for a statue! I’m convinced that we must have missed out on some very good potential buyers/investors due to Dai’s conduct, the state he has left our club in & the fact that he wants people to buy the house at full value & pay off his mortgage. #readingfc
@TED247: You would of thought if we went into admin, the list of potential owners would be quite long tbh
@Nozzzaaaa: Gosh I hope this is true 🤞🤞
Patricia Penfold: Let’s hope
David Grove: Watched him play for us as a kid, he’s helped us before, hope there is some truth in it
Terry Smith: Let’s face it, nobody buys a football club these days with their own money. So as a front man for a consortium, or hedge fund or something, you could do far, far worse. Gets my vote, and I will be forever thankful to him and Roy Tranter for saving our club. đź‘Ź Still won’t happen tho. 🤷
@DanielRBlackham: Hard to see how Smee would be able to afford to run the club as a going concern without major cuts if he is unable to buy it outright.
Matthew Colin Brown: I will believe it when I see it
Ness J Harris: I just wish it will get sorted asap
Martin Heneghan: If the club does survive… please ensure that it never falls into the hands of a foreign owner again… the dreadful ownership since SJM has shown that none of them had the club at heart… Reading isnt unique as am sure many other English clubs have suffered at the hands of foreign owners… but surely a lesson has been learnt for the future..that is if there is a future…
Daniel Griffiths: He only wants to pick over the scraps of administration. That’s no good to us. 12 points deducted and certain relegation. No thanks. We need an owner to keep this club a viable going concern, building on the teams success on the pitch. Administration means we lose everything. The stadium, land Bearwood, the academy premier 1 status, the talented young players we produce every year. All gone. Smee is 76. He won’t be around long enough to rebuild to where we are now.
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