MP on Reading FC takeover and hunt for forgotten director
administration option and hunt for forgotten director
Member of Parliament for Earley and Woodley, Yuan Yang, has confirmed that she is aware of ‘credible bidders’ for Reading Football Club as the protracted takeover continues to drag on.
A crucial voice for the supporters of the club in her constituency since winning in the most recent election, the MP has spoken regularly to stakeholders and at government meetings around resolving the issues with Dai Yongge.
Alerting supporters to her progress on social media, Ms Yang has confirmed that she is ‘aware of credible bidders.’
“I remain encouraged by the interest in the club. I am aware of credible bidders who are going through the right kind of process and putting in good offers,” she said on X.
“Second, I understand that the club has funding to get through the next couple of months, at least (as of before Sam Smith’s transfer). It is difficult to know for sure without seeing club accounts, but it is a (small) relief if the next few pay cheques are covered.
“Third, I am increasing the scrutiny on this in Parliament. Last week I secured the backing of enough MPs to apply for a debate in Parliament, where we can dig into issues around rogue owners and inequality in funding across the football pyramid – more on that to follow.
“My greatest concern now follows conversations with football governance experts and lawyers. I have been talking to them to understand the process of administration, to help prepare for different eventualities.
“Administration is not a desirable option, but it paves the way for a struggling business to turn its fortunes around. It could ultimately ease a sale. At present, we think Dai would control the declaration of and process around administration.
“He’s already had ample opportunities to do this, but has not. The longer this goes on (while the club remains unsold), the more vulnerable we become to skipping administration and jumping straight to a winding up petition and liquidation. This is deeply concerning.
“Even if the next few months are survivable, this underlines that the club sits on a precipice. It also underlines that just one thing needs to happen for the club to stay alive: a sale. A sale is best for the club, best for Dai and best for our community.
Read more on;https://sportupdates.co.uk
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