Mark Bowen releases update on Reading FC’s ownership and finances – Reading Today Online

Reading v Hull City - Mark Bowen

READING FC head of football operations Mark Bowen has released a statement to update the fans on the ownership and financial situation at the club.

The club is currently up for sale with current owner Dai Yongge in discussions with several parties over the future of Reading.

Bowen’s statement released on Reading Football Club’s official website reads: “Right now, everything is unbelievably difficult. Daily operations at the club continue to be hamstrung by cashflow problems, the search for new owners is encouraging but naturally time-consuming – and of course we are in a poor run of results which is frustrating everyone…myself, the manager, his coaching 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!

“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.

“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.

“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.”

The full statement can be read here:

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