Reading Supporters Trust ‘deeply concerned’ by club’s latest takeover update

Reading Supporters Trust say they are ‘deeply concerned’ by the club’s latest takeover update, after a statement was issued this week.

The League One side spoke regarding the proposed sale process of the club, issuing a statement that negotiations with the previously mentioned potential purchaser are still ongoing, almost two months after their previous update on a potential takeover.

However, there is no mention of exclusivity in this update, suggesting that the process might be more open than previously indicated.

They acknowledge the challenges with cash flow and commits to operating as prudently as possible until the sale is completed.

They also understand the eagerness of supporters for a resolution and have committed to providing updates when substantive information becomes available or at least monthly until the sales process is complete.

Ex-Wycombe owner Rob Couhig tried to buy the Royals, but it fell through back in September, with the club saying in October they had entered a period of exclusivity with a new unnamed party.

An update on the proposed sale of the club and a commitment to provide ongoing updates.

Club statement ⬇️#ReadingFC

— Reading FC (@ReadingFC) November 28, 2024

CLUB STATEMENT:

Reading Football Club would like to provide an update following the club’s last formal communication on 7th October 2024.

In the previous statement it was confirmed negotiations had begun with a party looking to purchase the club, this process remains ongoing. The transaction has proved to be a complicated and lengthy process, however despite these obstacles, both the selling and buying parties remain committed to complete at the earliest opportunity.

While discussions remain ongoing, the day-to-day operations remain in place with the club navigating cashflow challenges to meet its obligations. Full focus will remain on operating as prudently as possible until the sale is completed to new investors who can take the club forward.

The club understands our supporters’ eagerness for a resolution to the ongoing sales process. We are committed to providing updates when substantive information is available, or at least monthly until the sales process is complete.

STAR Response to Reading Football Club’s Sale Update pic.twitter.com/vSWiN4dhE8

— Supporters’ Trust At Reading (@STARReading) November 28, 2024

STAR’s Response to Reading Football Club’s Sale Update

STAR welcomes the communication from the Club, its acknowledgment of the stress this is causing our fanbase and its apparent willingness to be more transparent in the future. The culture of silence has been one of the ugliest traits of Dai Yongge’s stewardship and we look forward to building a better relationship with new ownership in the future.

Unfortunately, it seems that day is further away than we all would like. Whilst we take some comfort that efforts to sell the club are ongoing and appreciate the associated complexities, we have also heard it all before.

Yet again, we find ourselves deeply concerned about the short-term funding of the Club, not least because the Club’s previous two statements provided assurances that the club would be funded until a deal was completed. We also adore this group of players and are only too aware that the January transfer window is soon to open.

For us, this is a matter of honour, integrity and decency. Dai Yongge’s ownership has been characterised by loss. We have lost 18 points, our Championship status, our Women’s team, the connection between club and fans, some of our best footballing talent for peanuts and -of course – hardworking and valued staff members lost their jobs.

As a result, there is only one point worth driving. If Dai Yongge can find the money to repay Rob Couhig – he can find the money to fund Reading Football Club until a deal is concluded. For the second season in a row, our players are defying the off-the-pitch chaos and may even be capable of making a push for the playoffs. It would be a crying shame to lose that too.

If there is any positive to be drawn from this update it is that – somehow – we still have a buyer trying to buy the Club. Whilst not wanting to do anything to jeopardise a deal, we also hope that the Club’s promise of future updates might include some details on who they are.

To those involved in the negotiations, we have nothing else to say other than get it done. Our fans, players and staff deserve nothing less.

Twitter users reacted with Reading Supporters Trust ‘deeply concerned’ by the club’s latest takeover update…

@Hayd_is_back: The sale is complex because the 🤡 made it complex. It’s utterly shameful

@AndyRFCCharman: January comes best players sold, Ruben understandably walks & our protests will have to go nuclear (including to Dai & Pang’s doorsteps), regardless of potential sanctions. We will have nothing to lose because everything will already have been taken from us. Operating as prudently as possible’ = Selling out stars for bargain prices in January. #readingfc

@Emzyk_3: Well we all no what the January update will be.. we need to sell players to keep the club afloat.. WHEN this happens we need to go harder with the protest. #readingfc

@Arobertsroyals: We have nothing to say as we are a bunch of corrupt wankers

@NorthDevonRoyal: Like other fans have said, absolutely no substance in the statement, that’s possibly our better players and maybe even the manager gone come Jan, it’s great being a mushroom isn’t it!

@rpoole40: This is bollocks, you might as well say nothing at all. Navigate cash flow challenges in my head says – get to January and sell off the best players so we have money to see the season out. We can all see it. Pathetic statement that’s no different to the last one.

@EversonME: No sale on earth takes this long. If he wanted to sell he would have sorted it out so it was easy to buy. You don’t get to the 11th hour with Couhig and then have to start all due diligence etc again. You have the answers on them already. This is stalling , there is no buyer

@Gingerb45553318: Spot on with the comment about finding funds to repay Couhig.

@Bio__Matt: Brilliant statement, well done STAR

@stevie_p1871: No mention of exclusivity. ‘Monthly updates’ =we’re nowhere near a sale. ‘navigating cashflow challenges to meet its obligations’ =prepare for player sales in Jan, the imaginary buyer is not funding the club. It’s 400 days since the club was put up for sale! We’ve all given up

@stevie_p1871: No one will be surprised that no apparent progress has been made in this ‘sale’, if a sale is taking place at all. We are now 400 days into this farce. I would now expect protests to return.

@F8RDR: Can we have commitment that we will not seen to sell our main assets in January to keep the club alive? Or is that the plan…

@Laurie_Figzal: “Prudently” sounds like January fire sale to me

@swalesjonny1: A coherent and clear message from STAR 👏🏻 well said. Shame our joke of a club can’t be this clear with their comms

@trebor_blue: Excellent response to a very poor statement from the club with regard to progress on the sale and future funding which had made most fans even more anxious.

@pott95: The only reason why the ‘sale’ is complicated and lengthy is because the clown owning the club doesn’t want to sell. Anyone believing otherwise is deluded.

@dinghugo6: Complete and utter bollocks. Said the exact same words last month. Taking the fans for a fucking joke👍

@DL1871RFC: So if being prudent, what money is there? What progress has been made? Has it moved forward at all? Is it even true?

@longlaneroyal: Decent statement possibly your first one with any real teeth. Hopefully for us all it’s not too little too late.