Reading fans have took to react after a long-awaited statement emerges from club owners ahead of the supporters’ planned protest.
The Royals confirm that they are looking for investment to provide ‘significant financial support’ to the business after the club were given a number of punishments over recent years including being placed under a transfer embargo and points deductions for their financial mismanagement.
The club has finally spoken to supporters, with current owner Dai Yongge remaining ‘fully committed’ to the club despite looking for extra financial support as the team get set for League One football.
📰 Club statement | Update on investment
— Reading FC (@ReadingFC) August 2, 2023
SIT IN FOR DAI OUT
Thanks for your input on what we should do against Peterborough – it’s a sit in at full time!
For max effectiveness following the game, move to Coppell’s Corner to join.#SellBeforeWeDai #ReadingFC pic.twitter.com/9xRuGbPfkj
— Sell Before We Dai (@SellBeforeWeDai) July 30, 2023
CLUB STATEMENT ON INVESTMENT:
Reading Football Club can confirm that it is currently in the process of seeking investment to provide significant financial support to the business.
Our owner Mr Dai Yongge remains fully committed to the club and both he and Chief Executive Dayong Pang have been extremely active in recent weeks in trying to establish a sustainable source of financial backing for the football club going forward.
Despite ongoing complex cashflow constraints – related in part to the intense and protracted effects of the global pandemic which continue to impact business in China – the full wage bill has been satisfied for both players and staff at the end of the month and a late payment to HMRC – which temporarily placed the club back under a strict embargo at the end of last week – is due to be personally resolved by Mr Dai in the coming days.
The day-to-day processes at both Bearwood Park and the Select Car Leasing Stadium remain challenging though, so Mr Dai and Dayong Pang are striving to secure external investment which will offer substantial assistance to the operations of the club in its immediate future.
Details relating to investment in Reading Football Club will remain confidential and non-disclosure agreements will be in place while due diligence processes are in progress.
There will be no further comment from anyone at Reading Football Club on this matter at present. When further developments arise, we will endeavour to communicate openly and honestly to our supporters.
We sincerely appreciate our fans’ patience and ongoing support throughout our recent challenges. The new football season begins at home against Peterborough United on Saturday 5 August and we trust that the manager, his staff and the players can count on your support from the stands as we look to get our League One campaign off to a winning start on home soil.
Whilst it is encouraging that #ReadingFC have finally engaged with supporters on existential club issues, the aim remains #SellBeforeWeDai, and removing Dai Yongge from club ownership
This does not change either the end goal or Saturday’s planned Sit In for Dai Out following FT. https://t.co/wH5jATlwck
— Sell Before We Dai (@SellBeforeWeDai) August 2, 2023
“We’ve been working hard to secure investment”
We, a fan-led protest group, have been asked for help getting hold of Dayong Pang by TWO separate potential investors who couldn’t reach him
We suggest they work harder
Perhaps if Mr Pang worked before 11am, this would be easier? https://t.co/wH5jATlwck
— Sell Before We Dai (@SellBeforeWeDai) August 2, 2023
SEE MORE: “Manager betrayed, new signings betrayed, fans betrayed” – Reading hit with new punishment
Reading fans react after a long-awaited statement emerges from club owners ahead of the planned protest…
@RyanWatkins20: After all this time that’s all we get? Your arrogance is outstanding
@allanjharper: Joke of a club and the new loyalty points system also a joke why should i currently spend any more money attending this shambles
@etiawneb: How Pang is still in a job blows my mind….. Proves its just friends thinking we’re a hobby for them.
@LaurenMarsh_xx: Not good enough
@j41dhillon: Just sell
@northeastroyal: Love how you have put this out just before the info about loyalty points changing… but not put that story on any socials yet 😂 Shambles of a club.
@Dom_langley15: Don’t care if dai is fully committed if you can’t pay the tax bill sell the club ffs
@IanM1871:
2006: “If we get to the Premiership and have a year of consolidation,” says Madejski, “then we have the ability to raise the roof and take the capacity from 24,700 to 33,000.”
2023: This mess.
@royal_elvis: So we are skint
@tylerrzrl4: Don’t need investors we need a new owner ffs
@jamespenney2: Even though it’s not the news we wanted, it’s a million times better than hearing nothing apart from rumours and gossip. Hopefully all will be resolved and we can kick on and have a positive season 🤞
@_Paddy_Smyth_: That’s just a fuck load of nothing really though isn’t it, why should we believe anything you tell us about those two useless wanks
@Steviep1871: Football fans have very short memories. The reason we were initially in a mess is because Mr Dai spent too much money. Clearly there is an issue getting money out of china currently as previously he was splashing cash on every bloody player he wanted.
@ttmaynard: Communication at long last. However, for me this is beyond to little to late, it also massively underplays the dire situation at the club & is at best a very mediocre attempt to quell fans anger ahead of a protest. Extremely frustrating that Dai remains “Committed” to #readingfc
@ohbobbins: HMRC payment to be”personally resolved by Mr Dai in the coming days”. PERSONALLY?! Why does that sound as if we are supposed to be grateful? It’s literally your personal fucking responsibility. #readingfc
@prestige_boost:
– Blames COVID
– Says he’ll resolve the HMRC issue “personally”
– States for the millionth time that he is “committed” to the club which is most likely a lie
We need the absolute melt out ASAP, let’s make that clear on Saturday #SellBeforeWeDai #ReadingFC
@drawn2water73: #readingfc So the statement claims investors but there has been attempts to put potential investors in front of the owner and CEO but they couldn’t be gotten hold of. The tax bill has not been paid is at least a truth. Don’t say it will be just do it. All I see is if and buts!!!
@bwfc_elliot: When a club releases a statement saying they will be paying the players, that usually means at some point they won’t
@MikePea73444529: This statement should have been released a month ago. We have to hope he does pay the tax bill in the coming days but the damage may have been done and we will be incredibly limited in what we can do in bringing in more players
@dingjme: no way you’re blaming covid still hahahah
@F8RDR: Finally something from within. Not the most reassuring but better than nothing. Let’s hope these additional investors have deep pockets.
@billyblackalli1: So nothings changed…
@Royals_360: Just sell the club Dai. You will never get the fans back on side if there’s new investment or not.
@SamanthaSmit29: 👏 wow the regime actually released a statement – was that so difficult? #readingfc Dai/Pang you could have released this (and more!) earlier! Now if the HRMC are being paid ‘in the coming days’ where does that leave @charliesavage84 and Wing for Saturday’s game?!?!
@royalex_B: See how easy it is to keep fans in the loop. Well done (finally)
@SirthomasVIII: Communication, thank you.
@JimNo1871: Stopped reading after it said Dai is fully committed
@RyanFox2214: You want a well done for doing less than the absolute minimum. Cash flow issues. Do the right thing and send Dai back to China
@Ant_Jones96: Staggering arrogance from this statement, understand that NDA’s etc. are a common part of negotiations like this but the ownership has completely forfeited their right to demand any type of privacy by basically ignoring the fans the last few years #SellBeforeWeDai
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