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

[Mid Sussex Royal]

I just got some troubling information concerning our finances. Basically, if Dai doesn't agree to the sale very soon then we'll be getting the 2-point suspended deduction in April. Even if he does it depends on whether the new owner is willing to give us money before the sale is finalised.

It could be as soon as March if as STAR says the money runs out this month. The next tax bill is due 2 weeks Friday.

[Stranded]

It doesn't change much really, we are reliant on Dai deciding it is in his best interest to fund the club for the last 2 months of the season.

If he doesn't do so, then we will get a bare minimum 2pt deduction, if not more. The Commission knew this when they handed down the verdict, hence no point giving us 4 off as there won't be time to go through the process of deducting more when we eventually miss some form of payment.

[WestYorksRoyal]

If the money is running out a month sooner than planned, could SCL step in one last time? It sounds like late April was always the timescale Howe had in mind.

How very painful this all is. I just dream of against either Northampton, Lincoln or Blackpool we can celebrate a new owner and L1 survival. What a day that would be, full of hope for next season.

[Elm Park Kid]

It doesn't change much really, we are reliant on Dai deciding it is in his best interest to fund the club for the last 2 months of the season.

If he doesn't do so, then we will get a bare minimum 2pt deduction, if not more. The Commission knew this when they handed down the verdict, hence no point giving us 4 off as there won't be time to go through the process of deducting more when we eventually miss some form of payment.

If we do find a buyer then they are allowed to fund us in the interim period from exclusivity to EFL approval/final completion.

[Snowflake Royal]

I just got some troubling information concerning our finances. Basically, if Dai doesn't agree to the sale very soon then we'll be getting the 2-point suspended deduction in April. Even if he does it depends on whether the new owner is willing to give us money before the sale is finalised.

I guess it's useful to have someone itk confirm this, but it has to be what everyone expected right?

When the the 2(2) deduction was announced we were all just like 'well the other two are off within a month'

[Snowflake Royal]

I just got some troubling information concerning our finances. Basically, if Dai doesn't agree to the sale very soon then we'll be getting the 2-point suspended deduction in April. Even if he does it depends on whether the new owner is willing to give us money before the sale is finalised.

Not exactly a revelation. Is anyone expecting us not to get the two points suspended taken from us?

Maybe hoping we don't get further points deducted rather than expecting. And even if we get a further deduction, hoping that we have enough points to avoid being relegated by it.

It makes sense to me to try to remain positive. This is all hard enough to cope with without giving up hope.

Definitely finding it easier having given up any real hope about two and a half months ago.

[morganb]

STAR update meeting with Nigel Howe. Not so positive today - things moving along in the background but we are fighting against time. We have a shortfall as expected this month and everyone at the club is working hard considering all funding options.

https://twitter.com/STARReading/status/ ... tu2PQ&s=19

[windermereROYAL]

Who could blame the players if they go on strike if they don`t get paid this month, I reckon the latest deduction is a given.

[WestYorksRoyal]

Am I right there's a cut off to apply deductions for new offences? So even if we are late with everything 2 more points is the limit this season? Obviously we don't want to start next season on negative points and the risk is ultimately liquidation.

Anybody telling Dai how serious this is? This will all make buyers less likely to meet his asking price, and worst case scenario he's left with white elephant real estate assets with no team to use them.

[Mid Sussex Royal]

Am I right there's a cut off to apply deductions for new offences? So even if we are late with everything 2 more points is the limit this season? Obviously we don't want to start next season on negative points and the risk is ultimately liquidation.

Anybody telling Dai how serious this is? This will all make buyers less likely to meet his asking price, and worst case scenario he's left with white elephant real estate assets with no team to use them.

That's been said on here that there's a cut off for new offences at some point this month so if that's right the max is -2 for this season as not paying wages on time is technically a new offence.

To avoid the -2 we have to get to exclusivity by 22nd March or maybe SCL will help out again.

This is all on basis of course that Dai can't, or won't, plug the funding gap.

[WestYorksRoyal]

It just needs one buyer show some urgency and force the issue. The company I work for has done a few acquisitions in the past few years, and they generally move slowly until somebody with authority decides they want it to be done, at which point it gets done. You may not get the perfect deal, but you can do due diligence and procrastinate in perpetuity without setting yourself a deadline.

We can all see what is for sale. A loss making football club in L1 with a good academy and real estate assets. What are buyers trying to achieve with 2 months due diligence?

[PieEater]

It just needs one buyer show some urgency and force the issue. The company I work for has done a few acquisitions in the past few years, and they generally move slowly until somebody with authority decides they want it to be done, at which point it gets done. You may not get the perfect deal, but you can do due diligence and procrastinate in perpetuity without setting yourself a deadline.

We can all see what is for sale. A loss making football club in L1 with a good academy and real estate assets. What are buyers trying to achieve with 2 months due diligence?

Who owns what and what they are buying, and where the money needs to go to run it. Not getting the car park will undoubtedly be a surprise but it shouldn't take this long, just PM Ian.

[morganb]

Assuming the issue is with paying the players, could the players offer to play for a reduced wage for a couple of months? I'm sure none of them are pennyless at the moment and they can be reimbursed by the new owner when they come in. It has been reported previously that Selles and Bowen have delayed their wage payments before.

Could we send back the loan players early or terminate contracts of non-playing players (Dean, Hutchinson) just to save a few pennies?

Also, have seen mention of SCL bailing us out again. Surely we have other minor sponsors who could also chip in?

[Elm Park Kid]

In terms of points deduction, it won't make any difference to whether the players agree to a wage deferral or not.

It's going to be hard to get anyone to invest in the club whilst Dai appears to be acting in bad faith.

[windermereROYAL]

Sir John can`t be short of a bob or two, he has the club at heart, maybe he can chip in with a loan until the end of the season.
#clutchingatstraws.

[Lower West]

It doesn't change much really, we are reliant on Dai deciding it is in his best interest to fund the club for the last 2 months of the season.

If he doesn't do so, then we will get a bare minimum 2pt deduction, if not more. The Commission knew this when they handed down the verdict, hence no point giving us 4 off as there won't be time to go through the process of deducting more when we eventually miss some form of payment.

Goes without saying that it's in Dai's best interests to fund the club. As that will realise the best possible price.

The contrary side. Is that Dai is no longer in a position to fund the club sustainably. Having sold off non chinese assets such as the property in Australia a long time ago. As far as getting money out of China . That's no longer possible due to the ongoing litigation.

[Lower West]

Sir John can`t be short of a bob or two, he has the club at heart, maybe he can chip in with a loan until the end of the season.
#clutchingatstraws.

Be better coming in as part of the new consortium later. At the moment the club is unfortunately still sliding backwards. (Not referring to onfield results).

[South Coast Royal]

I don’t know if this has been posted already elsewhere as I am no longer a regular contributor and don’t follow that much of what is posted on here.

Supposedly the club ( or whoever is actually running things now ) has approached Crystal Palace to request a cash return for rescinding a sell-on benefit from any future sale of our ex-player.

I have no idea if such a contract clause exists but if so I can’t make up my mind whether such a desperate measure is sensible or not, I.e short term solution but forsaking a possible long term considerable bonus.

Who knows, he may never move on from Palace and a cash payment to us now might resolve a current issue.

If this is actually going on I think I feel that we have a fair chance to get enough points ON the pitch to cover any further deductions and we might look back and regret following such a path.
Also if it is going on it really does smack of desperation and being Reading ( liable to be held over a barrel) I suspect we would settle for far less than the value of such a contract clause.

Once again , even if nothing comes of this , it would be a reminder of how dire our situation is even though really we do know that already.

[WestYorksRoyal]

In terms of points deduction, it won't make any difference to whether the players agree to a wage deferral or not.

It's going to be hard to get anyone to invest in the club whilst Dai appears to be acting in bad faith.

Any idea how much Howe has involved Dai? Any risk we get a repeat of Genevra where a deal seems to be on and then all falls apart when Dai gets involved?

If no sale happens, it's the end. The EFL will ask us to prove we can survive next season, we won't be able to, goodnight.

Staying up in L1 is a means to an end of helping a deal. Without that it's a meaningless achievement.

[windermereROYAL]

STAR are seeking clarity on funding issues because there and many people coming up with ideas to raise money, bit of a tall order but if we can make a contribution however small it could have an influence.