Frustrated Reading fans plan to step up protests as statement emerges from the club

Reading Football Club can offer the following update regarding the sale process, the transfer window, and Mr Dai’s ongoing litigation case.

Club Sale

The club can confirm exclusivity with the buyer cited previously has now expired.

Discussions with alternatives are underway with the focus remaining to sell to a buyer who has the intent and resource to take the club forward. Several credible bidders have declared interest, some with experience in navigating football transactions, and the club are working with all relevant stakeholders to agree terms at the earliest opportunity.

Whilst the club acknowledges the previously failed transactions are disappointing for everyone, especially our supporters, it is anticipated the legal and due diligence work completed so far will prove advantageous when trying to move new bids forward.

Despite funding concerns last month, the club can confirm HMRC and staff wages were fulfilled on time with Mr Dai contributing funds towards this.

Transfer Window

Contrary to speculation, the winter transfer window was not pre-planned as an opportunity to solve the club’s short-term funding due to the limitations in replacing any outgoings.

In the case of Sam Smith, having previously rejected lower bids, the fee payable by Wrexham ultimately proved too significant. Whilst the club was not looking to sell, there was a requirement to balance this versus the short-term financial security such a large fee would provide.

For Tyler Bindon, the expiration of his contract at the end of this season led to significant external interest. The Club’s priority from the outset was to keep Tyler for the remainder of this campaign given his importance to the first team squad. However, an attractive proposal from Nottingham Forest presented an opportunity for the club to benefit financially, as well as retaining Tyler’s short-term services.

Despite several clubs making offers for other players, none were deemed proceedable as the club aimed to maintain the strength of the playing squad.

Ongoing Litigation

In the most recent statement dated the 30th of December, an ongoing litigation proceeding against Mr Dai was confirmed. Whilst the club will make no comment about the nuances of these proceedings, it is not anticipated that this case will impede the ongoing sales process or prevent the club advancing with prospective bidders.

The club will continue to provide monthly updates until the sale is complete and thanks its supporters, staff and players for their patience since the last statement was provided, as well as their overall support.

Reading fans continue protest and post letter to CEO with concerns about club’s future

Frustrated Reading fans plan to step up protests as statement emerges from the club, this is the Twitter reaction…

@deanocx: No exclusivity. No sign of selling the club. 5 players left contracted in Summer. A protest at the Chinese embassy or at either Dayong Pang or Dai Yongge’s house is now what needs to be arranged. We should have a Saturday free in March when the international break is, and that’s a perfect time to come together #readingfc

@SteedHB: This isn’t an update. Nothing has changed since the last time, you could quite literally copy and pasted the message. I appreciate the explanation for player sales but merely stating several buyers are interested isn’t good enough, it’s been over a year now. The club is on its last legs.

@Dan_CS1: The fans deserve to know why ANOTHER potential sale has broken down. This process shouldn’t take this long, and empty statements like this do not help the situation.

@itsSamMichael: Not even gonna read this. Nothing will have changed. Same old, same old. Just admit you’re stripping assets to make as much money before you liquidate the club.

@RussellBeaven: we have credible buyers do we? Well then I expect that to proceed with urgency the clubs life depends on it, because it does. Internally there should be updates once or twice a week to move this forward, it should be your sole focus, nothing else should matter apart from that.

@pott95: Zero update then. 5 senior plays under contract by the end of the season. The end really is near. Protests need to be back on the agenda ASAP. Should never have stopped in the first place but some fans blindsided but some good results. Results are irrelevant if you’ve got a clown evidently driving the club into liquidation in the summer #readingfc

@samgardiner29: So no update as usual

@Bio__Matt: Very poor update- but not unexpected, given the current situation. Confused comments on short term funding imo… almost making out player sales weren’t necessary as Dai has been funding… Sadly not much of an update and looks as though a sale not imminent…

@Dan_RFC2006: “it is anticipated the legal and due diligence work completed so far will prove advantageous when trying to move new bids forward.” Is such a bullshit line. You said that last time and to me it looks like nothing has sped up at all

@QuiminalRecord: I have absolutely ZERO confidence in a sale ever going through Only way Dai is leaving is if he’s forced out… #ReadingFC

@mattwilliams100:
Immediate thoughts:
– Still ZERO faith in Dai after this
– Calling new parties ‘credible’ leaves Dai looking even more stubborn in refusing to sell
– ‘We turned down offers’ should really piss off players who must want out
– The stadium now looks so tired in these generic photos

@bealec1988: Other clubs don’t have multiple takeover bids fail. Dai doesn’t want to sell. We’ve embarrassed him and he’s spiteful and vindictive so wants to kill the club to punish us. The EFL need to step in as Dai has no intention of selling.

@Jdh72Joel: I wonder if they’ll keep up with the monthly updates 10 years down the line, whilst we still haven’t been sold, and been through 77 periods of failed exclusivity… #ReadingFC

@AJSteveo97: Don’t waste your time #Readingfc fans. No sale coming any time soon. Players sold to fund the short term. 5 senior players left next season. Writing is on the wall and EFL let it happen.

@smujjii87: Same crap different month.

@TalkReading: Another exclusivity period has finished. Maybe the buyers aren’t the problem… #readingfc

@webber1871: This is very much a nothing statement, bar the clear insight that the sale process has gone backwards, and whether they like to directly admit it – Smiths sale is being used to finance the club. The emphasis on Dai contributing to his own staff’s wages is a fucking pisstake too

@CazParker1871: The whole saga is so tedious. Dai has contributed to the wages & HMRC in Jan but potentially wouldn’t have needed to had he accepted an offer! Let’s say he’s haggling over 2-3m (if indeed he’s actually selling), that gets gobbled up within a few months of bills anyway. It’s no wonder fans have no clue what he’s going to do. Any logic seems to go out of the window. I will be stunned if there are any decent sale updates in the next 2 months. He’s got enough money to likely fund payroll until the end of the playing season now. This constant brinkmanship is killing us. #ReadingFC