Embargos, HMRC Payment defaults, non payment of wages, the usual under Dai Wrongge

[Hendo]

William Storey
@richenergyceo
·
14m
After signing a contract & exclusivity in Oct we entered a period of due diligence. Our accountants have reported. My investors & I have decided not to proceed. I wish the club & loyal fans the very best & hope they get an owner who will invest for long term success #readingfc

This guy really is a fantasist ... no way did he sign 'exclusivity'!

Say he's telling the truth though and the due diligence advised against. That ain't great. All ifs and buts though.

Maybe the due diligence advised against because they didn't have any money to run a football club?

He's tried and failed 3 times now. Guy has a track record of being a bullshitter, so would take anything he says with a pinch of salt.

[Silver Fox]

William Storey
@richenergyceo
·
14m
After signing a contract & exclusivity in Oct we entered a period of due diligence. Our accountants have reported. My investors & I have decided not to proceed. I wish the club & loyal fans the very best & hope they get an owner who will invest for long term success #readingfc

This guy really is a fantasist ... no way did he sign 'exclusivity'!

Say he's telling the truth though and the due diligence advised against. That ain't great. All ifs and buts though.

Maybe the due diligence discovered he couldn't actually afford us

[Winston Biscuit]

I have done my own due dilligence on this Storey fella and have decided he is a wally

[Royal_jimmy]

All speculation at the moment but maybe he knows he won't pass the fit and proper persons test. Or even Fraser Group are the ones about to buy us out

[WestYorksRoyal]

He was never a serious option. Hopefully, this is him saving face and pretending it's his decision as he knows another party is making progress.

[Norfolk Royal]

This tweet from Monday from an RFC News account might have been a lucky strike but turned out well. Hmmmm.

RFC News
@TransfernewsRFC
·
Oct 30
There is a American consortium as well as Mike ashely going for the ownership of Reading Fc this means William storey is out is not happening as the club are pushing for a quick takeover.I am also told the Red bird takeover is out of the question.#readingfc

[Stranded]

William Storey
@richenergyceo
·
14m
After signing a contract & exclusivity in Oct we entered a period of due diligence. Our accountants have reported. My investors & I have decided not to proceed. I wish the club & loyal fans the very best & hope they get an owner who will invest for long term success #readingfc

This guy really is a fantasist ... no way did he sign 'exclusivity'!

Say he's telling the truth though and the due diligence advised against. That ain't great. All ifs and buts though.

Tweet from James Earnshaw of the Chronicle states they have been told be sources that Storey:

has never signed anything
has never held exclusivity
had never shown proof of funds to the club and
had never told the club who any of his investors would be.

So yeah, I think we can be fairly comfortable it is all bollocks.

[rabidbee]

It was quite clear, certainly from the point he gave the TalkSport interview (if not just based on his track record), the entire Storey ‘bid’ was just a bit of free media for himself and his other companies. We can only speculate why - ego, promotion, making himself look more viable to investors in the energy drink. All he was interested in was talking up himself and getting a few prominent mentions of Rich Energy into the media.

[From Despair To Where?]

Here's a spurious theory based on absolutely nothing.

Storey was a stooge purely to generate interest from other parties.

[Ascotexgunner]

Here's a spurious theory based on absolutely nothing.

Storey was a stooge purely to generate interest from other parties.

Nah....he never had the money. If he did, he could have afforded Coventry or Sunderland who are a bigger club he could have paid 37mill for overall control or 50mill the lot. He has no money, it is all self publicity, and it's nasty when you think about it because it could have delayed the sale and driven the club into further debt.

Incredible some thought on here he was a viable owner.

[From Despair To Where?]

I don't think anyone thought he would be a viable owner. At best he is was seen as someone fronting someone else's money.

[WestYorksRoyal]

To be fair, we've all heard of Rich Energy now when we hadn't before. May have been reasonably marketing if it was actually possible to buy the product.

[genome]

Ah yes Rich Energy, the energy drink you can't actually buy.

[Franchise FC]

Seems clear to me. Could lead to. Doesn't mean the HMRC will. If the Directors are backed into a corner with no alternative. Then it's the way forward. Otherwise the Company is entering into fraudulent trading territory. Dai's sister isn't going want to end up personally liable.

True, I guess wrongful trading is a crime for which Directors are individually liable. So it must be a risk. My concern with administration is it's not just a magic bullet to take 12 more points and get rid of Dai. I'd take that if it was, even if it means L2.

What it really means is a process lasting several months where talent is sold, operations are systematically stripped back and then we may have a further 15 points deducted if we don't agree to pay 25p to £1, presumably in L2. So it's a pretty terrible outcome.

We would probably have sell the training ground if Dai wants his money back.

Even if he didn't, the academy would probably either be closed down or stripped right back.

Considering that Dai is the main creditor, liquidation might see him get more than administration.

How is that even possible ?

[Horsham Royal]

Ah yes Rich Energy, the energy drink you can't actually buy.

Dark energy.

[Forbury Lion]

This guy really is a fantasist ... no way did he sign 'exclusivity'!

Say he's telling the truth though and the due diligence advised against. That ain't great. All ifs and buts though.

Maybe the due diligence discovered he couldn't actually afford us

Maybe the due diligence also revealed he wouldn't pass the F&PP test?

[Forbury Lion]

True, I guess wrongful trading is a crime for which Directors are individually liable. So it must be a risk. My concern with administration is it's not just a magic bullet to take 12 more points and get rid of Dai. I'd take that if it was, even if it means L2.

What it really means is a process lasting several months where talent is sold, operations are systematically stripped back and then we may have a further 15 points deducted if we don't agree to pay 25p to £1, presumably in L2. So it's a pretty terrible outcome.

We would probably have sell the training ground if Dai wants his money back.

Even if he didn't, the academy would probably either be closed down or stripped right back.

Considering that Dai is the main creditor, liquidation might see him get more than administration.

How is that even possible ?

I was going to say it isn't but I'm not so sure. If he was going down this route then he'd move Bearwood into a serperate company not owned by Reading FC so the clubs assets will just he the players and maybe a few footballs etc, If it goes under all the debt is written off from all debtors including the owner, but he still holds the two big assets and can sell them on and get his money back. It's the other debtors who are owed money by the club who get screwed over.

[Franchise FC]

We would probably have sell the training ground if Dai wants his money back.

Even if he didn't, the academy would probably either be closed down or stripped right back.

Considering that Dai is the main creditor, liquidation might see him get more than administration.

How is that even possible ?

I was going to say it isn't but I'm not so sure. If he was going down this route then he'd move Bearwood into a serperate company not owned by Reading FC so the clubs assets will just he the players and maybe a few footballs etc, If it goes under all the debt is written off from all debtors including the owner, but he still holds the two big assets and can sell them on and get his money back. It's the other debtors who are owed money by the club who get screwed over.

Which would almost certainly be defrauding the creditors, of which he is only one, albeit the absolute majority creditor.

[CountryRoyal]

To be fair, we've all heard of Rich Energy now when we hadn't before. May have been reasonably marketing if it was actually possible to buy the product.

Even if you could, I wouldn’t. Certainly not now I know more about him.

[From Despair To Where?]

Say he's telling the truth though and the due diligence advised against. That ain't great. All ifs and buts though.

Maybe the due diligence discovered he couldn't actually afford us

Maybe the due diligence also revealed he wouldn't pass the F&PP test?

I think it identified that magic beans aren't an accepted currency.