Reading FC confirms the owner intends to sell the club
The Reading football club has officially announced that the owner is looking to SELL the organization. He has only been actively hunting for investors up until now. Fans who have been calling for him to go will be happy with the news he intends to release.
Another tax payment, however, has not been paid, and the club faces a deadline for the owner to find a sale until that is done.
“Reading Football Club can certify that a payment due to HMRC by Friday, September 22, 2023, is still unpaid.
“With immediate effect, the club has once again been placed under a registration embargo for extending the default term and reporting this infraction. It won’t be lifted until the breach has been fixed.
“On behalf of the whole Reading Football Club, we would like to extend our profound appreciation to our neighborhood, our business partners, sponsors, and suppliers, and, most importantly, our fans – for your ongoing support and endurance through this extraordinarily trying time.
We also wish to express the club’s gratitude to its workers, who continue to uphold the club’s standards under increasingly challenging conditions. We can attest that the entire and punctual satisfaction of the salary bill for September has been achieved.
The club still has serious cash flow problems, but we can report that there has been a lot of interest from a variety of parties who want to get involved with the club as we work to find sources of reliable outside funding.
With a number of these possible investors, discussions and due diligence procedures are still ongoing. Our owner, Mr. Dai, is really seeking further serious expressions of interest and letters of intent from parties keen to investigate the possibility of purchasing the club.
Reading has acknowledged that they are once again subject to a transfer embargo since September’s tax is still outstanding, but they have also said that there has been “significant” interest from a number of parties in advance of a possible takeover.
The club has had three embargoes for paying taxes late this season, and because to owner Dai Yongge’s careless behavior, the club is currently experiencing cash flow issues.
This is the first time the club has publicly acknowledged that they are on the market after previously implying that Yongge hoped seeking outside investment.
The statement said, “Reading Football Club can confirm that an amount owed to HMRC and due by Friday, September 22, 2023 remains unpaid.” “With immediate effect, the club has once again been placed under a registration embargo for extending the default term and reporting this infraction. It won’t be removed until the breach has been fixed.
The statement adds, “The club continues to have serious cash flow problems and, in looking to develop sources of reliable external investment, we can reveal that there has been substantial interest from a number of groups requesting engagement in the club.
“Discussions and due diligence procedures with some of these possible investors are moving forward at a rapid pace. Mr. Dai, the club’s owner, is formally soliciting more, genuine expressions of interest and letters of intent from parties keen to explore the possibility of selling the club.
During the game against the Brewers, supporters are anticipated to demonstrate against Mr. Yongge.
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