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

[Sutekh]

Probably doing it in the hope we cancel Saturdays protest

They will know the only way that will happen is an announcement that investment is secured and that Dai is moving on.

Also the final paragraph feels like an acceptance that a protest will happen but that the team should be supported:

We sincerely appreciate our fans’ patience and ongoing support throughout our recent challenges. The new football season begins at home against Peterborough United on Saturday 5 August and we trust that the manager, his staff and the players can count on your support from the stands as we look to get our League One campaign off to a winning start on home soil.

Quite right too, unless the manager and players aren't up to things (and it'll be too early to call that in the first weeks of any season) support should be 100% behind the team during the game.

[Webster750]

Our owner Mr Dai Yongge remains fully committed to the club

Well, that's all I needed to hear. Sorry for ever doubting you, our glorious overlord.

[Royal_jimmy]

We probably are one of the most patient and understanding fan bases in the country. Save all the anger from the game and result (if we lose) for afterwards during the sit in protest

[Royal_jimmy]

Our owner Mr Dai Yongge remains fully committed to the club

Well, that's all I needed to hear. Sorry for ever doubting you, our glorious overlord.

The club will always say that, he's probably lost interest in truth but they won't admit it

[Mid Sussex Royal]

So HMRC position to be "fully resolved" in next few days, sounds like Dai & Pang may be negotiating with HMRC to extend the deadline for payment pending new investment, rather than paying off the debt in full.

If that's the case, and a deal to extend is reached with HMRC, would the EFL embargo be lifted?

[Norfolk Royal]

Update from the club
https://www.readingfc.co.uk/news/2023/august/02/club-statement-update-on-investment/

There's very little in there that either isn't already known or has been surmised from unfolding events.

A bit of padding on the financial situation as in China, but the only real deviation from before is the statement that Dai is 'fully committed' to the club.

Fans: "Say something, communicate, we need information"

*Club releases statement*

Fans: "That doesn't tell us anything".

For the record, this confirms a lot of rumour, hearsay and speculation, which I think is very valuable. It's good to see the club acknowledge that we're facing ongoing issues and need investment. What more can they say? Specific details will clearly be confidential.

And agree with Stranded above. Either new investment or administration is surely close. Due diligence processes suggest interest is concrete. I wonder what issues diligence would uncover that can't already be seen from space

There's a difference between 'communication' and what might be regarded as meaningful communication.

[WestYorksRoyal]

There's very little in there that either isn't already known or has been surmised from unfolding events.

A bit of padding on the financial situation as in China, but the only real deviation from before is the statement that Dai is 'fully committed' to the club.

Fans: "Say something, communicate, we need information"

*Club releases statement*

Fans: "That doesn't tell us anything".

For the record, this confirms a lot of rumour, hearsay and speculation, which I think is very valuable. It's good to see the club acknowledge that we're facing ongoing issues and need investment. What more can they say? Specific details will clearly be confidential.

And agree with Stranded above. Either new investment or administration is surely close. Due diligence processes suggest interest is concrete. I wonder what issues diligence would uncover that can't already be seen from space

There's a difference between 'communication' and what might be regarded as meaningful communication.

What would you consider more "meaningful" that wouldn't be confidential? Genuine question.

[Clyde1998]

So HMRC position to be "fully resolved" in next few days, sounds like Dai & Pang may be negotiating with HMRC to extend the deadline for payment pending new investment, rather than paying off the debt in full.

If that's the case, and a deal to extend is reached with HMRC, would the EFL embargo be lifted?

No. The embargo exists if there's any outstanding tax with HMRC.

[Norfolk Royal]

Fans: "Say something, communicate, we need information"

*Club releases statement*

Fans: "That doesn't tell us anything".

For the record, this confirms a lot of rumour, hearsay and speculation, which I think is very valuable. It's good to see the club acknowledge that we're facing ongoing issues and need investment. What more can they say? Specific details will clearly be confidential.

And agree with Stranded above. Either new investment or administration is surely close. Due diligence processes suggest interest is concrete. I wonder what issues diligence would uncover that can't already be seen from space

There's a difference between 'communication' and what might be regarded as meaningful communication.

What would you consider more "meaningful" that wouldn't be confidential? Genuine question.

Some information on the de-registration of players or not. Will they be available to play on Saturday. If that is not known at the moment then that should be said and why. More detailed information about why the tax bill has not been paid rather than a vague reference to Covid and ongoing cash flow problems, Clarification on whether the club is still under embargo or other restrictions and whether that will be lifted or be expected to be lifted on payment of the HMRC bill. Clarification on whether a points deduction is either certain, probable, or unlikely. An apology for the distress caused to fans and staff probably wouldn't go amiss either as some have spoken on social media about it affecting their mental health.

But more importantly, clarification on whether West Berkshire brewery ales will be available at the stadium or surrounds this season.

[East Grinstead Royal]

Good post, Norfolk, I agree on all of that.

[Zammo]

But more importantly, clarification on whether West Berkshire brewery ales will be available at the stadium or surrounds this season.

Amen brother.

[Royal Rother]

[ some have spoken on social media about it affecting their mental health.

Imagine that.

[Mid Sussex Royal]

Sky sports saying HMRC will be resolved this week.

[Lower West]

So HMRC position to be "fully resolved" in next few days, sounds like Dai & Pang may be negotiating with HMRC to extend the deadline for payment pending new investment, rather than paying off the debt in full.

HMRC won't negotiate. They'll simply grind through the gears again as time elapses. Given his track record. There's zero confidence and no trust in Dai keeping to anything he utters.

[Hound]

Sky sports saying HMRC will be resolved this week.

Is that just paraphrasing the club statement? Suspect it is

Still at least it’s out there that it’ll be paid off - don’t think they’d have been so explicit if it wasn’t going to be

[Lower West]

Despite ongoing complex cashflow constraints – related in part to the intense and protracted effects of the global pandemic which continue to impact business in China

It's public knowledge that the China Dili Group's shares were suspended last October and that forensic accountants were called in to investigate. Is this investigation now finally drawing to a conclusion? An interim report of findings was published some weeks ago. One might suggest that this has been the complexity behind the funding of an unrelated entity in the UK.

[Sutekh]

There's a difference between 'communication' and what might be regarded as meaningful communication.

What would you consider more "meaningful" that wouldn't be confidential? Genuine question.

Some information on the de-registration of players or not. Will they be available to play on Saturday. If that is not known at the moment then that should be said and why. More detailed information about why the tax bill has not been paid rather than a vague reference to Covid and ongoing cash flow problems, Clarification on whether the club is still under embargo or other restrictions and whether that will be lifted or be expected to be lifted on payment of the HMRC bill. Clarification on whether a points deduction is either certain, probable, or unlikely. An apology for the distress caused to fans and staff probably wouldn't go amiss either as some have spoken on social media about it affecting their mental health.

But more importantly, clarification on whether West Berkshire brewery ales will be available at the stadium or surrounds this season.

I wonder how those people would have managed, all those years ago, when Maxwell announced he'd bought the club and was going to merge it with that lot up the road and move it to Didcot.

[Ascotexgunner]

So let me get this right. We are 3ish days from kickoff and the new blokes have no squad number....which means they can't play and its probably too late to register them?

Now I'm reading on BBCRB Dai needs urgent investment...he isn't selling, and there's no cash available now until we get that investment?
Think is that could take weeks, meanwhile we have 8/11ths of a contracted first team available and haven't won in 5months......
It gets grimmer by the day.

[Hound]

Isn’t it 12:00 Friday the deadline? Think that normally is for signings

[Ascotexgunner]

Isn’t it 12:00 Friday the deadline? Think that normally is for signings

I hope so, though where Dai gets the cash from if he can't get it out of China is gonna be a worry. Could he borrow against the club and pile more debt on us?