CONFIMRED - The final countdown

[blythspartan]

If Dai just wants to kill us like his 2 other clubs how does that actually work?

I understand that only Dai can put us into administration, which would most likely result in new ownership and a points deduction, but we’d survive as a club. However, what would be the main trigger for the club to be liquidated?

Would it be a case of funds running out and not being able to fulfil our fixtures for the rest of the season so the EFL would kick us out of League One?

[WestYorksRoyal]

If Dai just wants to kill us like his 2 other clubs how does that actually work?

I understand that only Dai can put us into administration, which would most likely result in new ownership and a points deduction, but we’d survive as a club. However, what would be the main trigger for the club to be liquidated?

Would it be a case of funds running out and not being able to fulfil our fixtures for the rest of the season so the EFL would kick us out of League One?

He can liquidate us if he wants, but more likely it would be HMRC.

I think underpriced is that he just lingers and we continue to sink lower and lower. Much more likely than liquidation.

[Royalwaster]

Anybody else starting to get seriously concerned that Dai's not going this season?

If there are 4 parties interested in buying Reading, there will be 4 sets of du diligence, 4 sets of negotiations.

The owner will be playing these offers against one another, its an auction of sorts.

Depending on who the winner is, it could be a number of weeks until they meet the Fit n Propa test, due to the number of parties involved and their source of funds, especially if they live abroad.

I would expect were a deal to be done before Xmas that if its a foreign consortium we might see fit n propa passed by late Feb?

If it was Mike Ashley for real, it might be quicker, given his source of wealth is very public and very well known.

Tbh i dont think Mike Ashley would see us as a venture he'd be interested in, he's more interest in buying assets with no other buyers interested, and picking them up for close to zero so that there is almost no down side risk. If he's having to compete with 3 other buyers he isn't getting it for next to nothing and it represents significant risk.

It doesn't quite work like that - you start with bidders and if one bidder has their offer accepted de facto, they then get the chance for a proper due dilligence process which may result in a firm and binding offer. If that process fails, the previous bidders could in theory step in at that stage, but the process starts afresh and does not necessarily move onto the DD process for each of those offers unless there is once again some kind of de facto agreement. Sometimes this process can be used by the seller to extract more from the buyer - e.g. by refusing the bid and offering it to one of the other bidders etc. so it's a tricky process. So it could be that we're not far off - or it could be that it all falls through and all the bidders walk away. I generally do not believe the scenario that Dai wants to screw us over out of spite is particularly realistic ... he is an idiot, but not such an idiot, as he'd be cutting off his nose to spite his face.

[Greatwesternline]

Anybody else starting to get seriously concerned that Dai's not going this season?

If there are 4 parties interested in buying Reading, there will be 4 sets of du diligence, 4 sets of negotiations.

The owner will be playing these offers against one another, its an auction of sorts.

Depending on who the winner is, it could be a number of weeks until they meet the Fit n Propa test, due to the number of parties involved and their source of funds, especially if they live abroad.

I would expect were a deal to be done before Xmas that if its a foreign consortium we might see fit n propa passed by late Feb?

If it was Mike Ashley for real, it might be quicker, given his source of wealth is very public and very well known.

Tbh i dont think Mike Ashley would see us as a venture he'd be interested in, he's more interest in buying assets with no other buyers interested, and picking them up for close to zero so that there is almost no down side risk. If he's having to compete with 3 other buyers he isn't getting it for next to nothing and it represents significant risk.

It doesn't quite work like that - you start with bidders and if one bidder has their offer accepted de facto, they then get the chance for a proper due dilligence process which may result in a firm and binding offer. If that process fails, the previous bidders could in theory step in at that stage, but the process starts afresh and does not necessarily move onto the DD process for each of those offers unless there is once again some kind of de facto agreement. Sometimes this process can be used by the seller to extract more from the buyer - e.g. by refusing the bid and offering it to one of the other bidders etc. so it's a tricky process. So it could be that we're not far off - or it could be that it all falls through and all the bidders walk away. I generally do not believe the scenario that Dai wants to screw us over out of spite is particularly realistic ... he is an idiot, but not such an idiot, as he'd be cutting off his nose to spite his face.

Of course he's not trying to spite us. He just wants the best price possible. It takes time to work out what that best price is.

[Stranded]

Someone tweeting "a source" stating Genevra have walked away due to Dai making new demands.

[WestYorksRoyal]

Someone tweeting "a source" stating Genevra have walked away due to Dai making new demands.

Unverified but definitely believable.

Would other bidders come back to the table or would Dai's conduct put them off? We've seen with Moore and Loader he's unreliable to negotiate with. Presumably this was similar that his representatives got him a good deal and it still fell apart when he got involved.

[morganb]

This is the Tweet and the text as it stands:

https://twitter.com/iJC106/status/1734976962165080181

Joe
@iJC106

Been told today that the Genevra sale is off. A few shifts of the goal posts have seemingly complicated negotiations in late stages. Again, not claiming to be a journalist, and I know I said before the sale was done, but that was before Dai’s requested changes late on #ReadingFC

This is as per a very reliable source of mine. Sorry to be the bearer of bad news but seems like to continue protesting is the only way forward, potentially even abandonment. No matter what happens next, we must not stop. #ReadingFC
4:41 PM · Dec 13, 2023

@PaulFrankfurt71
Fully believe it, though naturally take any rumour with a pinch of salt, want Dai gone but something about Genevra made me uncomfortable #read

@iJC106
Of course, this unfortunately I do believe firmly. Goes hand in hand with the dead silence around the sale in recent weeks and the late demands Dai has made. At the end of the day I’m a fan who wants the best for the club who will report anything told by someone reliable

@Simps100
Sounds like something maybe in the rumors of Samuelson and Howe causing issues too. Worrying Samuelson is anywhere near us again but it don’t surprise me at all

[blythspartan]

We are done for and what will be will be. I really do believe Dai would do this out of spite and just write off all the money he’s lost.

[Sutekh]

Mass tennis ball protest v Wigan? Fan before kick off/half time protest on the pitch?

[Mid Sussex Royal]

Never heard of Joe, does he have a track record of getting stuff right?

[WestYorksRoyal]

Never heard of Joe, does he have a track record of getting stuff right?

Never before recently. The first time he posed as "ITK" he said the sale was basically agreed, and then a week later James Earnshaw reported that exclusivity with Genevra was imminent. So reasonable success rate there and I'm probably inclined to believe this one too.

[Mid Sussex Royal]

Never heard of Joe, does he have a track record of getting stuff right?

Never before recently. The first time he posed as "ITK" he said the sale was basically agreed, and then a week later James Earnshaw reported that exclusivity with Genevra was imminent. So reasonable success rate there and I'm probably inclined to believe this one too.

Just checked his tweets, as part of his first post on the sale being agreed he also posted the club was close to liquidation.

If he's right about all this things are going to move one way or another pretty quickly

[Clyde1998]

Never heard of Joe, does he have a track record of getting stuff right?

Never before recently. The first time he posed as "ITK" he said the sale was basically agreed, and then a week later James Earnshaw reported that exclusivity with Genevra was imminent. So reasonable success rate there and I'm probably inclined to believe this one too.

Just checked his tweets, as part of his first post on the sale being agreed he also posted the club was close to liquidation.

If he's right about all this things are going to move one way or another pretty quickly

Liquidation may be being staved off due to the monthly loans from SCL - I can't imagine they could continue to fund the club's running costs for much longer.

[Snowflake Royal]

Never heard of Joe, does he have a track record of getting stuff right?

Never before recently. The first time he posed as "ITK" he said the sale was basically agreed, and then a week later James Earnshaw reported that exclusivity with Genevra was imminent. So reasonable success rate there and I'm probably inclined to believe this one too.

So his reliability is based on something someone else said that hasn’t happened?

[Brogue]

I think you’ll find I announced the exclusivity before this chump. Maybe we have the same sauce

[Millsy]

I’ve never known a Joe to lie.

[Mr Angry]

Reading that tweet it sounded like someone merely keen to stir up the protests with no actually proof to justify his/her claims that Genevre have walked away.

If they have, there would have been a public annoucement to that fact; if I was their PR I would put out a statement along these lines:

"In the light of detailed discussions with the owner and as a result of the due diligence process, Genevre have decided to no longer pursue the purchase of Reading FC. Genevre wish the club and all its supporters all the best for the future and for the sale of the club to be settled as soon as possible".

[Snowflake Royal]

I think you’ll find I announced the exclusivity before this chump. Maybe we have the same sauce

The exclusivity that never materialised? Go you.

[Brogue]

I think you’ll find I announced the exclusivity before this chump. Maybe we have the same sauce

The exclusivity that never materialised? Go you.

Indeed but once again you miss the point, if you don’t believe me then why would you believe him, who also announced exclusivity and got it wrong… and by you I don’t actually mean you. I’m Talking generally

[Royals and Racers]

Reading that tweet it sounded like someone merely keen to stir up the protests with no actually proof to justify his/her claims that Genevre have walked away.

If they have, there would have been a public annoucement to that fact; if I was their PR I would put out a statement along these lines:

"In the light of detailed discussions with the owner and as a result of the due diligence process, Genevre have decided to no longer pursue the purchase of Reading FC. Genevre wish the club and all its supporters all the best for the future and for the sale of the club to be settled as soon as possible".

And what if the owner pi$$ed them about, which i understand did happen, they might just walk away and say nothing !