#SellBeforeWeDai Action/Inaction Group

[Hound]

The ultimate Holding company is in Hong Kong. As with all Chinese companies though this is via a company based in the Cayman Islands. The June 2022 accounts clearly state that all the assets are being used as security for loans. The Bearwood training facility having a charge on it from the Bank of Bangkok.

Shortly the June 2023 accounts will have to be filed. Likely to show a far worse financial position.

Suspect that any sale of the club is being made more complex by what's invisible to the eye. Dai's own personal money can be written off. Other creditors whose loans are secured to the company's assets will either require repayment or the new owners taking on the debt. Which potentially makes the club worthless as it stands, Investors might as well wait and buy the club from administrators . Than pay Dai money and be saddled with a load of debt. While stll requiring the capital to invest.

Might as well buy a "Wrexham" or "Gillingham". i.e. with far less debt. Then use the money at hand to take the club forward.

It's a grim picture and I am sure your spot on its going to be worse. Question is if they disqualify Dai (and Pang as well hopefully) which will, no doubt force administration will this be a standard point deduction as it will be forced by the EFL.

It's a unique situation. When I moved to Bournemouth in 2008, the club were absolutely potless. They had to rely on donations from their CEO to stop liquidation. Thing is, Dai has access to money. Problem is negligence on his part, asset stripping which includes the stadium and training ground to his own companies, list goes on...

I wonder if the EFL are sweating as they put this club in the situation. Hopefully things will begin to move faster but I have to agree based on what you've said, Admin might be relegation but it might also be the best way out of this and enable the club to survive.

Not asset stripping. The sales were undetaken to generate cash for the football club. Read the financial sustainability rules then work out to circumnavigate them. That's the game many clubs have played.

EFL will use Reading as a warning to others as how not to run a football club and what the consequences are. Publicity is unlikely to garner any sympathy wider afield. Our problems are self inflicted.

The overspending is as self inflicted as not paying the tax bill isn’t it? It’s Dai inflicted in both cases. think it’s clear their is plenty of sympathy elsewhere tbh. It’s not like as a fanbase we chose to spaff 7m on Aluko or not sell Moore etc

I’m genuinely not sure the EFL can do a lot beyond threaten to and eventually kick us out. Which may well be exactly what Yongge wants

[Brogue]

The movement got a lot of stick at the start but they’ve done so well over the last few protests. Deserve some credit imo

[Clyde1998]

The movement got a lot of stick at the start but they’ve done so well over the last few protests. Deserve some credit imo

I think when they started there was still a hope (or even expectation) there would be a natural conclusion around the corner - either Dai would sell or would provide enough money to cover any shortfall. I think that's completely evaporated now; Dai's moving towards liquidation.

[WestYorksRoyal]

The movement got a lot of stick at the start but they’ve done so well over the last few protests. Deserve some credit imo

I think when they started there was still a hope (or even expectation) there would be a natural conclusion around the corner - either Dai would sell or would provide enough money to cover any shortfall. I think that's completely evaporated now; Dai's moving towards liquidation.

Think that's fair. I've realised that Dai is not operating in his own best interests which means there is not much hope. If he was acting rationally, he would have agreed a sale by now. If the asset stripping strategy is true, it's a stupid strategy. I don't know what Smith, Wing, Azeez, Knibbs, Abbey etc., are worth individually, but what I know for certain is that they're worth more collectively - we were seeing the benefits of their synergy and chemistry before Dai fcuked it all again. And that's before you consider the academy, best youth products, exciting fringe players like Savage and Elliott; this club was a saleable asset worth bidding good money for.

I don't know what Dai will get if he sells all our players, youth products, Bearwood etc., - but it will surely be less than if he had simply accepted the bid from Genevra. I guess we shouldn't expect any different from the man who passed up £15m for Liam Moore and many other offences.

[Reading4eva]

https://youtu.be/tgtnJYnYYEE?si=oCqELIfrTaPWZhpO

I wanted to have my say. Appreciate that I do Bournemouth content (all explained in this video) but hopefully it will reach those in power to make the changes needed. Have a fair few more videos coming with some special guests on this matter over the next couple of days.

[NathStPaul]

Here he goes......

[tmesis]

The overspending is as self inflicted as not paying the tax bill isn’t it? It’s Dai inflicted in both cases. think it’s clear their is plenty of sympathy elsewhere tbh. It’s not like as a fanbase we chose to spaff 7m on Aluko or not sell Moore etc

I've seen plenty of "you weren't complaining about all your overspending when you were in the premier league" comments on twitter. I think a lot of other clubs' fans really have no idea what's happened.

[Reading4eva]

Here he goes......

You really are boring aren't you. When will you ever grow up?

[NathStPaul]

Here he goes......

You really are boring aren't you. When will you ever grow up?

You are a Bournemouth supporter, you've admitted it on several ocassions. You turn up here when you think the traffic will be high to shill your shite YouTube show. That's the only reason you're here, you couldn't give a fcuk about Reading Football Club.

[Reading4eva]

Here he goes......

You really are boring aren't you. When will you ever grow up?

You are a Bournemouth supporter, you've admitted it on several ocassions. You turn up here when you think the traffic will be high to shill your shite YouTube show. That's the only reason you're here, you couldn't give a fcuk about Reading Football Club.

Course I fcking care you first class helmet. I wouldn't be on here if I didn't. Anyhow I'm gonna dump you on the foe list as all you post is negative bollox that doesn't contribute anything. Even your replies in the other threads you venture on are fcking rubbish.

[Clyde1998]

The overspending is as self inflicted as not paying the tax bill isn’t it? It’s Dai inflicted in both cases. think it’s clear their is plenty of sympathy elsewhere tbh. It’s not like as a fanbase we chose to spaff 7m on Aluko or not sell Moore etc

I've seen plenty of "you weren't complaining about all your overspending when you were in the premier league" comments on twitter. I think a lot of other clubs' fans really have no idea what's happened.

I've seen people saying we were spending loads of money on Andy Carroll's contract - when we initially signed him on £1k p/w (around the median National League wage); I've seen people saying we weren't complaining about Dai when we got to the play-off final in 2017 (he was our owner then, but only took over during/after the play-off semi second leg).

I don't think people quite understand how much Dai has fvcked us. The final financial year prior to Dai taking over (2016-17) showed us making a £4.66m profit; that was the final year of parachute payments and we got the ticket money from the play-off final*, but we were heading in the right financial direction - costs were coming down in line with revenue and we were making profits on player trading.

The first year under Dai saw our wages to turnover increase from 76% of turnover to 197%; the costs increased by ~£11m despite revenues reducing by ~£18m (almost all explained by the loss of parachute payments and no Wembley money that season - both of which were known at the start of the season). Dai stopped selling players and massively increased the number of players on first team contracts (we had about 40 at one point).

It just shows how much one owner can screw a football club (or any company for that matter).

*Once the Football League takes their share of Championship play-off final ticket money, the losing side gets the remainder (as the winning side gets a huge financial boost from promotion). In League One and Two, the remaining ticket money is shared between the competing sides.

[MIM Royal]

Now that the abandonment option has been played, what's the next step then? Let's see the response from the EFL - their options are a range across points deduction, forfeiture, number of homes games to be played behind closed doors, prohibiting our attendance at away games etc. Don't see why we would get any special treatment as there are another 71 clubs and they wont want to set precedents. If Dai doesn't have a buyer in the pipeline would likely be at least 3 months before anything would conclude at the earliest, so what would be the next step, do we think?

[Dirk Gently]

Now that the abandonment option has been played, what's the next step then? Let's see the response from the EFL - their options are a range across points deduction, forfeiture, number of homes games to be played behind closed doors, prohibiting our attendance at away games etc. Don't see why we would get any special treatment as there are another 71 clubs and they wont want to set precedents. If Dai doesn't have a buyer in the pipeline would likely be at least 3 months before anything would conclude at the earliest, so what would be the next step, do we think?

There'll also be a fine from the FA for "failure to control supporters". That's in addition to the EFL sanctions.

[Hound]

The overspending is as self inflicted as not paying the tax bill isn’t it? It’s Dai inflicted in both cases. think it’s clear their is plenty of sympathy elsewhere tbh. It’s not like as a fanbase we chose to spaff 7m on Aluko or not sell Moore etc

I've seen plenty of "you weren't complaining about all your overspending when you were in the premier league" comments on twitter. I think a lot of other clubs' fans really have no idea what's happened.

I've seen people saying we were spending loads of money on Andy Carroll's contract - when we initially signed him on £1k p/w (around the median National League wage); I've seen people saying we weren't complaining about Dai when we got to the play-off final in 2017 (he was our owner then, but only took over during/after the play-off semi second leg).

I don't think people quite understand how much Dai has fvcked us. The final financial year prior to Dai taking over (2016-17) showed us making a £4.66m profit; that was the final year of parachute payments and we got the ticket money from the play-off final*, but we were heading in the right financial direction - costs were coming down in line with revenue and we were making profits on player trading.

The first year under Dai saw our wages to turnover increase from 76% of turnover to 197%; the costs increased by ~£11m despite revenues reducing by ~£18m (almost all explained by the loss of parachute payments and no Wembley money that season - both of which were known at the start of the season). Dai stopped selling players and massively increased the number of players on first team contracts (we had about 40 at one point).

It just shows how much one owner can screw a football club (or any company for that matter).

*Once the Football League takes their share of Championship play-off final ticket money, the losing side gets the remainder (as the winning side gets a huge financial boost from promotion). In League One and Two, the remaining ticket money is shared between the competing sides.

Yeah he completely ruined us immediately pretty much

No one that I remember thought we should be paying 7m for Aluko, 3m for Bodvarsson etc. there were plenty of questions from the get go about the financial side of who we were signing. Big continued concern the next season when it was clear we were nowhere near up to a promotion challenge. Don’t think a single one of us would have turned down 10m for Moore and then given him 4 years at 35pw

Think we all knew Pauno season 1 was shit or bust

It was all dreadful judgement. Couple of ok signings along the way but generally an absolute mess

[Snowflake Royal]

https://youtu.be/tgtnJYnYYEE?si=oCqELIfrTaPWZhpO

I wanted to have my say. Appreciate that I do Bournemouth content (all explained in this video) but hopefully it will reach those in power to make the changes needed. Have a fair few more videos coming with some special guests on this matter over the next couple of days.

57 views will certainly have an impact. 1000 Bournemouth fans will absolutely decide our fate.

[Snowflake Royal]

The overspending is as self inflicted as not paying the tax bill isn’t it? It’s Dai inflicted in both cases. think it’s clear their is plenty of sympathy elsewhere tbh. It’s not like as a fanbase we chose to spaff 7m on Aluko or not sell Moore etc

I've seen plenty of "you weren't complaining about all your overspending when you were in the premier league" comments on twitter. I think a lot of other clubs' fans really have no idea what's happened.

I was.

To be fair, loads were. I don't think many people thought Pog was worth a deal for £60k a week.

[Hound]

The overspending is as self inflicted as not paying the tax bill isn’t it? It’s Dai inflicted in both cases. think it’s clear their is plenty of sympathy elsewhere tbh. It’s not like as a fanbase we chose to spaff 7m on Aluko or not sell Moore etc

I've seen plenty of "you weren't complaining about all your overspending when you were in the premier league" comments on twitter. I think a lot of other clubs' fans really have no idea what's happened.

I was.

To be fair, loads were. I don't think many people thought Pog was worth a deal for £60k a week.

Well no but sadly can’t blame Yongge for that one…

With this regime I think a few eyebrows were raised at the Illori deal but certainly the Aluko one was the raising of alarm bells, even if obvs didn’t think it would get to this point then

[Snowflake Royal]

I've seen plenty of "you weren't complaining about all your overspending when you were in the premier league" comments on twitter. I think a lot of other clubs' fans really have no idea what's happened.

I was.

To be fair, loads were. I don't think many people thought Pog was worth a deal for £60k a week.

Well no but sadly can’t blame Yongge for that one…

With this regime I think a few eyebrows were raised at the Illori deal but certainly the Aluko one was the raising of alarm bells, even if obvs didn’t think it would get to this point then

Yeah, just mentioned because the comment was about PL.

We all definitely questioned Aluko. Then the combination of Joao and Puscas immediately after being released from transfer restrictions.

Every year for about 5 years we had arguments about whether we were reducing the wage bill enough or not.

[Clyde1998]

I've seen plenty of "you weren't complaining about all your overspending when you were in the premier league" comments on twitter. I think a lot of other clubs' fans really have no idea what's happened.

I was.

To be fair, loads were. I don't think many people thought Pog was worth a deal for £60k a week.

Well no but sadly can’t blame Yongge for that one…

With this regime I think a few eyebrows were raised at the Illori deal but certainly the Aluko one was the raising of alarm bells, even if obvs didn’t think it would get to this point then

I can't remember if Ilori was under Dai or just before, but it was rumoured to be around £3.75m.

A lot of the time the maximum transfer fee gets reported, as opposed to the initial transfer fee; Ilori may only have cost £2.5m (for example), with the remainder only paid if we got promoted. Apparently we sold him for €2.4m, so at the very worst we made around a £1.5m loss on him. Nowhere near our worst piece of business in recent years.

[Winston Biscuit]

I was.

To be fair, loads were. I don't think many people thought Pog was worth a deal for £60k a week.

Well no but sadly can’t blame Yongge for that one…

With this regime I think a few eyebrows were raised at the Illori deal but certainly the Aluko one was the raising of alarm bells, even if obvs didn’t think it would get to this point then

I can't remember if Ilori was under Dai or just before, but it was rumoured to be around £3.75m.

A lot of the time the maximum transfer fee gets reported, as opposed to the initial transfer fee

Absolutely. In the Champ there seems to always a hefty promotion bonus added on, and teams maybe don't care so much because if they got promoted to the PL they have won the lottery anyway.

People were going nuts at the Aluko fee but from what I understand 50% of it was a promotion fee and the other 50% incl add ons which were not even met