That is true, but while he is waiting for the sale, if that is what he is doing. He is not paying the bills, club staff not being paid, players eating microwave meals before games as there are no longer catering staff, lots of redundancy, points deductions and threats of liquidation, players being sold without the knowledge of the manager or player staff. I think the two other clubs he owned going bust and no longer existing is the biggest warning.
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[Football] Reading Fans Not Happy !
- Thread starter wehatepalace
- Start date
tigertim68
Well-known member
- Sep 3, 2012
- 2,621
Is the reading ground being sold
are they going to be playing home games 80 miles away
answer to both questions is no
so what is the fuss about
are they going to be playing home games 80 miles away
answer to both questions is no
so what is the fuss about
The club could be liquidated and he owns the ground. So nothing much.
Whitechapel
Famous Last Words
The last two clubs he owned were liquidated I believe. He’s now trying to sell players behind the managers back.
Sounds like asset stripping to me
- Nov 11, 2009
- 12,267
Yongee and his group bought the club in 2017 and has followed a similar pattern to us (albeit with some differences) he has also already bankrupted 2 other professional football clubs, KSV Roeselare in Belgium and Beijing Renhe, China - both no more under his ownership.
In the first 18 months, he put in a lot of extra money, much of it borrowed money (up to 200m), overspent even, resulting in pre tax losses in 2021 (for previous 5 years) of 146m. In 2019, just 2 years after acquiring a relatively financial stable club, he used payment of already run up debts as the perfect excuse to sell the Madjeski to himself, or his dodgy stadium holding company in 2019 for just 26m (sound familiar) and 26m in 2019 is about as paltry and undervalued as our initial sale of the Goldstone once was. Additionally now also renting back to Reading FC his newly owned personal stadium at a cost of 1.5m pa.
Reading reportedly set for EFL investigation after Mad Stad sale
Royals are one of a number of clubs identified in a report regarding possible financial irregularities
www.getreading.co.uk
And pretty much from that point, any player worth a cent is being sold, resulting in their plummet. They've been under an embargo since 2020 and cannot buy anyone (not that he wants to buy anything). Debts are not being paid.
He also tried to sell the training ground but was blocked. Even now, I read, that putting the club into administration which would result in relegation due 12 point deduction, would protect them and what's left, but he refuses. He claims he's open to sell but has torpedoed 2 potential sales, and he said the same about his other clubs who both finally succumbed to bankruptcy upon relegation, imho as is written below, hes blocking admin and not really trying to sell either as doing nothing will end up in Reading being bankrupted eventually and when they fail he may well be able to hive off that training ground real estate too or sell Madjeski for more than 26m. Just like Archer, nobody knows the true motivations as they never admit anything nefarious, but just like him, the proof is in the actions.
'Keep attention on Reading owner rather than fans'
Focus should be on Reading owner Dai Yongge and not fans who forced Saturday's abandonment, says BBC Berkshire sports editor Tim Dellor.
www.bbc.com
They've not paid wages or HRMC on time a few times in last 4 years, nothing worth any value isn't sold, they just recently fielded a team where everyone is under 22, amd yet they've also just fired the development coach of the youth.
Archer came into Brighton with a plan of best steps to manouvre and get control of clubs main stadium assets before then selling everything and even if some individual steps were different, the end result is same at Reading.
Dai Yongee is every bit as calculating and sinister imho. His Hong Kong company is being investigated for fraud and financial irregularities.
From Reading podcast below...... Does this seem similar?
Explained: Why Reading Fans Are Protesting Against Owner Dai Yongge
Wondering what pushed supporters to take to the pitch on Saturday? Read on...
thetilehurstend.sbnation.com
With the comments along the lines of 'not like Archer, nothing to see here', I can see people who are happily contemplating putting that big X in the box for Sunak in a few months.
I knew there would be people on here who knew the details better than I did! I was already "in" but thought it was mostly about incompetence - however on hearing more it does seem more sinister.
I hope working through my initial thoughts on here didn't detract from the issues but encouraged the discussion, and thank you to all those who've explained it better.
The "Explained..." article @peterward linked to is a really useful quick summary too.
I hope working through my initial thoughts on here didn't detract from the issues but encouraged the discussion, and thank you to all those who've explained it better.
The "Explained..." article @peterward linked to is a really useful quick summary too.
Yep, none of it good and I wish Reading luck in removing him. It just doesn't feel like Archer to me.
Fit and proper person huh
Yongee and his group bought the club in 2017 and has followed a similar pattern to us (albeit with some differences) he has also already bankrupted 2 other professional football clubs, KSV Roeselare in Belgium and Beijing Renhe, China - both no more under his ownership.
In the first 18 months, he put in a lot of extra money, much of it borrowed money (up to 200m), overspent even, resulting in pre tax losses in 2021 (for previous 5 years) of 146m. In 2019, just 2 years after acquiring a relatively financial stable club, he used payment of already run up debts as the perfect excuse to sell the Madjeski to himself, or his dodgy stadium holding company in 2019 for just 26m (sound familiar) and 26m in 2019 is about as paltry and undervalued as our initial sale of the Goldstone once was. Additionally now also renting back to Reading FC his newly owned personal stadium at a cost of 1.5m pa.
Reading reportedly set for EFL investigation after Mad Stad sale
Royals are one of a number of clubs identified in a report regarding possible financial irregularities
And pretty much from that point, any player worth a cent is being sold, resulting in their plummet. They've been under an embargo since 2020 and cannot buy anyone (not that he wants to buy anything). Debts are not being paid.
He also tried to sell the training ground but was blocked. Even now, I read, that putting the club into administration which would result in relegation due 12 point deduction, would protect them and what's left, but he refuses. He claims he's open to sell but has torpedoed 2 potential sales, and he said the same about his other clubs who both finally succumbed to bankruptcy upon relegation, imho as is written below, hes blocking admin and not really trying to sell either as doing nothing will end up in Reading being bankrupted eventually and when they fail he may well be able to hive off that training ground real estate too or sell Madjeski for more than 26m. Just like Archer, nobody knows the true motivations as they never admit anything nefarious, but just like him, the proof is in the actions.
Sounds more like Archer than I realised.
The training ground that he wants to sell - was that part of the club when he bought it?
Who said 'nothing to see here'?
Are you looking in the mirror?
I can't help feeling we need some changes to the rules of ownership in this country. Something needs to be done to stop owners selling the ground and winding up the club. Reading are over 150 years old and could disappear.
This isn’t Top Trumps.
Their club is in genuine danger of ceasing to exist, due to the deliberate action of an owner - that’s the similarity. The rest is all just detail.
Is he dodgy though? Was he dodgy when they were spending quite big and investing
Rookie
Greetings
- Feb 8, 2005
- 12,324
Wasn’t there talk a few years back of making clubs community assets (or similar wording) which would mean the stadium couldn’t be sold like has clearly been the case in Readings situation.
Rookie
Greetings
- Feb 8, 2005
- 12,324
Was that investment his money or was is borrowed with no thought of the future?
Seemingly his money as that’s one of the stumbling blocks of selling I think - he wants his loans to the club repaying
nicko31
Well-known member
Yep..
I take no pleasure in seeing the state Reading are in, what a state. If they have a fans united day I'm in.
The 90's for us felt like a helpless time, countless afternoons in a toxic atmosphere. Apart from a brief spell under Brady it wasn't much fun
It didn't feel like it, but I'm guessing the answer is yes, because his goal even then was simply to make money out of the club - if he could do it by gambling on promotion, he'd have been happy. He may then have sold for a profit or grabbed as much PL money as possible before asset stripping, followed by getting the parachute payments. It's just that when investments were being made, it didn't look like he was dodgy.