BBC: Reading FC takeover decision have been concluded…

Reading FC have released a detailed statement on the club’s current situation.
Notably, this is the first time any member of the club, other than Reading first-team coach Ruben Selles, has named himself in public comment.

Previous ‘statements’ regarding the sale were made by the club’s media department without any quote from anyone.
Today, head of football operations Mark Bowen, who was unwilling to say it on the record, leaving Selles to manage media control, spoke out publicly.
This could be interpreted as a sign that things are now moving at such a fast pace that he feels confident speaking up on topics without compromising his views.
He said: “Things are extremely difficult at the moment.
The club’s day-to-day operations continue to be crippled by cash flow problems, the search for a new owner is encouraging but all Of course it takes time – and of course, we are in a difficult situation.
” a difficult situation, a series of results that disappointed everyone… myself, the coach, his technical staff, the players and our supporters.
“Even communicating clearly and cohesively with fans has been unavoidably challenging; all the information supporters are craving simply isn’t complete or obvious, much of it is either bound by non-disclosure agreements or has to remain confidential as part of the ongoing process.
We have tried to keep fans as informed as possible and, while it might not provide the clarity everyone is desperate for, I felt it was important to tell you, our loyal fans, as much as I am able.
I apologise in advance if I simply can’t provide answers to all the questions you have!
” Bowen on finances “Last week, sufficient funds arrived from China to satisfy this month’s wage bill which was paid in full to all players and staff on time – as they have been since an administrative banking issue outside of the club’s control caused a minor delay in wage payment to a very small number of employees at the end of April.
This week, owner Mr Dai also provided the funds to clear the outstanding debts owed to HMRC, resulting in the withdrawal of the winding up petition and again clearing our embargo status with the EFL.
However, I know these are not achievements to boast about and financial funding remains an ongoing concern and complication across the club.
Staff in every department deserve huge praise for going above and beyond expectations in helping the club jump every hurdle that presents itself…so I’d like to personally thank everyone who represents Reading Football Club with admirable fortitude.
” Bowen on the ownership “As we have made clear in recent club statements, Mr Dai has been seeking external investment to alleviate some of these issues for some time – and he is actively seeking to sell the club to new owners.
The process of unearthing credible buyers and then engaging with those parties by supplying them with detailed levels of information to openly inform potential bids remains ongoing.
With the help of senior management at the club and the vast experience of former CEO Nigel Howe, the process has gained focus and picked up even more momentum in recent weeks.
” Bowen on the sale of the club “We are in constant discussion, negotiation and engagement with an encouraging number of individuals who we believe are all capable of making viable takeover bids.
The nature of these negotiations, the structure of these potential bids and the identity of these individuals plainly has to remain private for legal reasons and for the benefit of the successful sale of the club.
It is also very difficult to speculate on the timescales involved, but I am very positive that this process is now nearing a much-needed conclusion.

Bowen on sanctions “So with the payment of outstanding debts from HMRC we are now embargo free – so we are once again able to recruit players and make offers new to group members.
However, we are still subject to restrictions that will continue to limit our transfer activity – for the next three transfer windows we will not be able to pay any any transfer fee, loan or compensation.
working within the same limit for over four years now.
Regarding the point deduction, currently we do not have a suspended point penalty – however, we have been referred to the commissioner disciplinary committee relating to late payments to HMRC exceeding a total threshold of 30 days.
With a hearing scheduled for later this month, we are actively working with our legal representatives to prepare for the club’s lawsuit.
No precedent has been set for these rule violations, so I cannot responsibly tell fans what will happen as a result of this hearing.
” Bowen on the results ” Everyone will know our current position in the tournament.
People will be concerned about our recent results.
Well named.
I’m no different.
But I urge everyone to remember the context behind our league placing and the consistency in our performance levels and understand that we have had to endure points deductions and the threat of more, we have had to operate with our hands tied firmly behind our backs in a very small shop window in the transfer market – and as a result we have built a very young, but very talented squad.
In nearly all of our fixtures this season, the majority of the starting eleven are playing in their first professional season as a regular first team starter.
Within the narrow recruitment goalposts we were given, the aim was to put together a squad who would evolve together, a young group of players who could excite our fans and would form a healthy core at the heart of our club.
This process does take time and patience, though.
There are 23 other clubs in this division who are further down the line with their own respective plans and not one of them forced to deal with the issues we have had to negotiate and continue to grapple with.
We played some excellent football at times, which was fun to watch – but almost certainly the form was inconsistent and we were all well aware that we needed more points on the board just like that.
reward for your efforts.
I am sure that this group of young and promising players will develop rapidly as a unit, but don’t forget that they are in the most difficult phase of learning.
all because of the situation they are in.
I see myself as a club.
And I know they have your full support and understanding.

Bowen on fan support “There is no doubt about your love for this club.
Emotions run high naturally and those emotions are expressed with passion and relevance.
In times like these, it feels that passion is of vital importance to everyone at the club.
and we cannot and will never extinguish that passion.
I understand the protests and can only sympathize with our fan base.
However, we can ask that your voices be heard as a collective and all the protests Situations are carefully considered and delivered constructively in a manner that has appropriate impact and takes into account their impact on the players, staff and the club as a whole.
Ultimately, we are keen to prevent those who care most about this club from being punished further.
And my overarching message to the fans must be a heartfelt thank you for their support and a call to stand with us during these difficult times.