RoyalBlue The EFL had clearly placed a deposit on a crystal ball at the time they approved Dai's purchase. It's just a shame they didn't use it enough!"The EFL can confirm that they have no objections to the change of control application made by Reading Football Club," a statement issued on Wednesday morning read.
"Following a full review of the transaction, the EFL has insisted upon - and the club/new owners have agreed to - a number of additional reporting requirements including enhanced financial monitoring, so as to ensure that their performance is consistent with the application we have considered.
"We would like to wish the new majority shareholders Mr Yongge Dai and Miss Xui Li Dai the very best of luck in their future endeavours with the club."
The essential problem is that the EFL are strapped for cash, and so they can't do the in-depth forensic accounting and investigating that's properly needed to test the credentials of overseas "investors". They're also shit-scared of the fact that they might get sued by someone they turn down and that might actually ruin them - they're absolutely not a wealthy organisation.
The PL, in contrast, have oodles of cash so they can do proper financial investigations - they use private investigators in tax havens, for instance, and some of what they come up with isn't necessarily the kind of legitimate stuff that can be shared with another organisation such as the EFL.
The whole thing is just a mess and should be replaced with some kind of bond or licensing scheme.
