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

[WestYorksRoyal]

I think we could raise quite a lot of money. It's an affluent area, SJM and other local businesses could chip in not to mention a few ex players. We may be able to pull together enough to buy an extra couple of months.

I'd want to know about control of any such fund if they started one. Ideally STAR would control it for the club to draw down from. No way I'm just giving money to the club for Dai to dip into. And I'd also want stronger assurances on the sale. What's the point of helping the club tide over if it dies in the summer anyway?

[Sanguine]

Meaning no disrespect to good intentions, but I think there is next to zero chance that the local economy could raise anything like the money needed to make a difference at RFC even for a month, nevermind the longer term.

[WestYorksRoyal]

Pompey fans raised £2.5m for their club. Why can't Reading do similar? Even £500k would probably get us over March's key obligations and buy more time for a deal until late April.

[NathStPaul]

[Greatwesternline]

Pompey fans raised £2.5m for their club. Why can't Reading do similar? Even £500k would probably get us over March's key obligations and buy more time for a deal until late April.

Pompey fans care more. Controversial take but my best man, my best mate in life is a Pompey family and through all the years I've known him and his friends, family and community, they give a lot more of a shit about their club than Reading do.

The Island mentality is a cliche but there is some truth in it. Having a proper proper rivalry with a very near big club neighbour helps too I'm sure.

[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.

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.

So, my (admittedly second hand account) is that Dai really has had no involvement at all until it comes to sign off. All of the negotiations and ground work for the sale have been done solely by Howe/Bowen and others at the club. It's hard to overstate just how little communication Dai has had with the club about anything; they're just keeping their fingers crossed that he'll sign on the line if a reasonable, legitimate offer comes from someone he doesn't consider to be a rival. But no one actually knows. Dai brushed off all offers last year and there are no guarantees that he won't do the same now. He's not acting in a way that suggests he cares about money - otherwise he'd just fund the club on time.

[Greatwesternline]

Having read all these latest updates i think it's time i dipped in my pocket and sorted the club out till the end of the year....I've had my eye on the Purple Turtle kit all season, it's time to click buy.

And i think I'll stream the last few games of the season too, so there we go, the club will be circa £150 up

[Elm Park Kid]

Pompey fans raised £2.5m for their club. Why can't Reading do similar? Even £500k would probably get us over March's key obligations and buy more time for a deal until late April.

It wouldn't, from what I heard this morning it's much worse than that. And the issue is the lack of trust in Dai, you're asking average fans to raid their savings and give money to a Chinese Billionaire who doesn't want to spend his own.

I'm expecting that the club will announce something by the end of the week.

[WestYorksRoyal]

Pompey fans raised £2.5m for their club. Why can't Reading do similar? Even £500k would probably get us over March's key obligations and buy more time for a deal until late April.

It wouldn't, from what I heard this morning it's much worse than that. And the issue is the lack of trust in Dai, you're asking average fans to raid their savings and give money to a Chinese Billionaire who doesn't want to spend his own.

I'm expecting that the club will announce something by the end of the week.

Sounds pretty dire. The Directors must be getting close to wrongful trading; they can be banned from other directorships and roles in the UK if they keep trading knowing the club is insolvent, and make themselves liable to personal claims from creditors who are left out of pocket.

They have the authority to place us in administration, but it may not be possible as someone needs to agree to pay the administrators. It sure as hell won't be Dai. This comes back to whether SJM, SCL and other local business peers could club together, as administration >>>>>>>>liquidation.

[Greatwesternline]

Pompey fans raised £2.5m for their club. Why can't Reading do similar? Even £500k would probably get us over March's key obligations and buy more time for a deal until late April.

It wouldn't, from what I heard this morning it's much worse than that. And the issue is the lack of trust in Dai, you're asking average fans to raid their savings and give money to a Chinese Billionaire who doesn't want to spend his own.

I'm expecting that the club will announce something by the end of the week.

Sounds pretty dire. The Directors must be getting close to wrongful trading; they can be banned from other directorships and roles in the UK if they keep trading knowing the club is insolvent, and make themselves liable to personal claims from creditors who are left out of pocket.

They have the authority to place us in administration, but it may not be possible as someone needs to agree to pay the administrators. It sure as hell won't be Dai. This comes back to whether SJM, SCL and other local business peers could club together, as administration >>>>>>>>liquidation.

They are miles away from wrongful trading. In the summer the club could sell all its players, hire cheaper ones, and use the windfall of new season tickets and TV money to carry on trading, albeit as a much less competitive club. The only way they could be wrongful trading is if the clubs fixed costs (rent and depreciation on assets and the absolute bare minimum staff to function as a going concern) are above the minimum income they can expect next season.

With regards to paying the administrators, if a judge agrees to put Reading into administration the administrators are the first people paid out of the proceeds raised. There are companies in far worse financial situations that RFC limited who get put into administration and administrators get paid.

[PieEater]

Having read all these latest updates i think it's time i dipped in my pocket and sorted the club out till the end of the year....I've had my eye on the Purple Turtle kit all season, it's time to click buy.

And i think I'll stream the last few games of the season too, so there we go, the club will be circa £150 up

Get a larger size than you need, the neck is sized for a turtle.

[Greatwesternline]

Not even joking i just spent £137 in the online giftshop.

Do i need some flip flops this summer? Yes. Should i get them from RFC for £5? Why not?

Do i want a car sticker for £3? Hell yes.

Will i need a beach towel at some point? Why not get a RFC one for £17.

If everyone on here brings forward all their summer purchases of tat they will need at some point in the future we can pay Sam Smith's wages for a couple of hours today

[blythspartan]

I accepted a while back that the club is probably oxf*rd. I will always be prepared to donate some money to help keep the club afloat. I’d even buy my season ticket for next season knowing that it might become null and void. I appreciate a lot of fans wouldn’t want to, but I’d happily take the chance.

[Hendo]

Honestly, the most I can probably stretch to right now is a ST for next year. Struggling to justify anything else with everything else going on at the moment.

Would I like to chuck a couple of grand at the club, yeah 100%. Realistically, not possible right now.

[WestYorksRoyal]

It should never have come to this. Yes, it's losing money but all clubs do. There are enough investors willing to lose money on football clubs and we have enough going for us that we're worth buying. It all comes back to the cnut who simply won't sell.

[Greatwesternline]

I accepted a while back that the club is probably oxf*rd. I will always be prepared to donate some money to help keep the club afloat. I’d even buy my season ticket for next season knowing that it might become null and void. I appreciate a lot of fans wouldn’t want to, but I’d happily take the chance.

It wouldnt surprise me if the club offer this as an option pretty soon. And why not? Big problem is though, for a potential buyer, they'd want to buy the club before the biggest source of income has arrived.

[Elm Park Kid]

It wouldn't, from what I heard this morning it's much worse than that. And the issue is the lack of trust in Dai, you're asking average fans to raid their savings and give money to a Chinese Billionaire who doesn't want to spend his own.

I'm expecting that the club will announce something by the end of the week.

Sounds pretty dire. The Directors must be getting close to wrongful trading; they can be banned from other directorships and roles in the UK if they keep trading knowing the club is insolvent, and make themselves liable to personal claims from creditors who are left out of pocket.

They have the authority to place us in administration, but it may not be possible as someone needs to agree to pay the administrators. It sure as hell won't be Dai. This comes back to whether SJM, SCL and other local business peers could club together, as administration >>>>>>>>liquidation.

They are miles away from wrongful trading. In the summer the club could sell all its players, hire cheaper ones, and use the windfall of new season tickets and TV money to carry on trading, albeit as a much less competitive club. The only way they could be wrongful trading is if the clubs fixed costs (rent and depreciation on assets and the absolute bare minimum staff to function as a going concern) are above the minimum income they can expect next season.

With regards to paying the administrators, if a judge agrees to put Reading into administration the administrators are the first people paid out of the proceeds raised. There are companies in far worse financial situations that RFC limited who get put into administration and administrators get paid.

Remember though that Derby's administration ended up costing £3m in fees, which were underwritten by Mel Morris. Administrators would be coming into a business with a hostile owner, almost no liquid assets and a hope that the final sale price will be enough to at least cover their fees. Which it honestly might not be - the club itself would probably be worthless if it wasn't for Bearwood, and a training ground is probably not going to push the value into the multiple millions.

[WestYorksRoyal]

Absolutely zero chance an administrator agrees to work for us without a reputable person agreeing at the outset to cover costs.

[Greatwesternline]

Sounds pretty dire. The Directors must be getting close to wrongful trading; they can be banned from other directorships and roles in the UK if they keep trading knowing the club is insolvent, and make themselves liable to personal claims from creditors who are left out of pocket.

They have the authority to place us in administration, but it may not be possible as someone needs to agree to pay the administrators. It sure as hell won't be Dai. This comes back to whether SJM, SCL and other local business peers could club together, as administration >>>>>>>>liquidation.

They are miles away from wrongful trading. In the summer the club could sell all its players, hire cheaper ones, and use the windfall of new season tickets and TV money to carry on trading, albeit as a much less competitive club. The only way they could be wrongful trading is if the clubs fixed costs (rent and depreciation on assets and the absolute bare minimum staff to function as a going concern) are above the minimum income they can expect next season.

With regards to paying the administrators, if a judge agrees to put Reading into administration the administrators are the first people paid out of the proceeds raised. There are companies in far worse financial situations that RFC limited who get put into administration and administrators get paid.

Remember though that Derby's administration ended up costing £3m in fees, which were underwritten by Mel Morris. Administrators would be coming into a business with a hostile owner, almost no liquid assets and a hope that the final sale price will be enough to at least cover their fees. Which it honestly might not be - the club itself would probably be worthless if it wasn't for Bearwood, and a training ground is probably not going to push the value into the multiple millions.

The stadium and training ground can be sold for £3m. Pre-contract agreements can be entered into for player sales prior to the window opening. And the players could have their contracts cancelled outright and the clubs cease to exist. Believe me, the administrators would get paid.

The only thing that stops players contracts getting cancelled early is they would constitute not paying football creditors which gets you points deductions. Administrators dont have to worry about those niceties.

[Elm Park Kid]

They are miles away from wrongful trading. In the summer the club could sell all its players, hire cheaper ones, and use the windfall of new season tickets and TV money to carry on trading, albeit as a much less competitive club. The only way they could be wrongful trading is if the clubs fixed costs (rent and depreciation on assets and the absolute bare minimum staff to function as a going concern) are above the minimum income they can expect next season.

With regards to paying the administrators, if a judge agrees to put Reading into administration the administrators are the first people paid out of the proceeds raised. There are companies in far worse financial situations that RFC limited who get put into administration and administrators get paid.

Remember though that Derby's administration ended up costing £3m in fees, which were underwritten by Mel Morris. Administrators would be coming into a business with a hostile owner, almost no liquid assets and a hope that the final sale price will be enough to at least cover their fees. Which it honestly might not be - the club itself would probably be worthless if it wasn't for Bearwood, and a training ground is probably not going to push the value into the multiple millions.

The stadium and training ground can be sold for £3m. Pre-contract agreements can be entered into for player sales prior to the window opening. And the players could have their contracts cancelled outright and the clubs cease to exist. Believe me, the administrators would get paid.

The only thing that stops players contracts getting cancelled early is they would constitute not paying football creditors which gets you points deductions. Administrators dont have to worry about those niceties.

The fact that you mentioned the stadium suggests you might not have all the facts with this one .. ..