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

[Clyde1998]

See Wing's got a good engine on him

I think he's up in the clouds atm.

[Mid Sussex Royal]

Given Dai was at the club yesterday and watched training, would he seriously have been there if the tax bill had not been, or was about to be paid?

[RG30]

Current HMRC debt is £1.2million as per James Earnshaw.

[Mid Sussex Royal]

Current HMRC debt is £1.2million as per James Earnshaw.

That can't be one month's PAYE if wage bill is £8m...

[Snowflake Royal]

Current HMRC debt is £1.2million as per James Earnshaw.

That can't be one month's PAYE if wage bill is £8m...

Wage bill was about £16m last season and this would be for July, which would be mostly at last season rates, and maybe June, definitely last season rates.

[Hound]

Definitely sounds more than expected but could be numerous things bundled up somehow

Anyway it’s not a small amount. Overdue by almost 2 weeks already

[blythspartan]

Definitely sounds more than expected but could be numerous things bundled up somehow

Anyway it’s not a small amount. Overdue by almost 2 weeks already

No way that amount gets paid before Saturday. The way it’s going I can see us ending up with just 2 new signings (Smith and Knibbs) before the window closes next month. Although the July tax bill should be much less I bet we go through the same shit show this month.

[Hound]

Definitely sounds more than expected but could be numerous things bundled up somehow

Anyway it’s not a small amount. Overdue by almost 2 weeks already

No way that amount gets paid before Saturday. The way it’s going I can see us ending up with just 2 new signings (Smith and Knibbs) before the window closes next month. Although the July tax bill should be much less I bet we go through the same shit show this month.

Guess we don’t know really. I mean Dai was obvs paying this sort of sum every month on wages last year and lots more in previous years

[Mid Sussex Royal]

Current HMRC debt is £1.2million as per James Earnshaw.

That can't be one month's PAYE if wage bill is £8m...

Wage bill was about £16m last season and this would be for July, which would be mostly at last season rates, and maybe June, definitely last season rates.

Yes but £16m is per annum - PAYE has to be paid monthly....

Can only assume there's other unpaid debts like VAT on other business activities.

[Crowbar6753]

We've just renewed our sponsorship with "Rapidz" !! i wonder how much that will be for two seasons? And i believe our wage bill gets smaller as of August know that a few of the bigger earners are off the books!!

[Snowflake Royal]

That can't be one month's PAYE if wage bill is £8m...

Wage bill was about £16m last season and this would be for July, which would be mostly at last season rates, and maybe June, definitely last season rates.

Yes but £16m is per annum - PAYE has to be paid monthly....

Can only assume there's other unpaid debts like VAT on other business activities.

Well it's certainly not £8m monthly.

[SouthDownsRoyal]

We've just renewed our sponsorship with "Rapidz" !! i wonder how much that will be for two seasons? And i believe our wage bill gets smaller as of August know that a few of the bigger earners are off the books!!

Dreadful name but amazed anyone wants to pay to be associated with us

[blythspartan]

Ours must be one of the most longest drawn out declines of a football club ever known. At least Derby along with other clubs have taken their punishment and been able to move on shortly afterwards. We are being slowly tortured to death by Dai.

[Lower West]

That can't be one month's PAYE if wage bill is £8m...

Wage bill was about £16m last season and this would be for July, which would be mostly at last season rates, and maybe June, definitely last season rates.

Yes but £16m is per annum - PAYE has to be paid monthly....

Can only assume there's other unpaid debts like VAT on other business activities.

The Company that operates the Ladies football team has been funded through RFC Limited. There's another HMRC liability.

Although the training ground is owned by a company in the BVI. If Dai has been struggling getting cash out since last October. Then this must impact also the overall financial position of his UK operation. As the operating costs of the facility need to be paid from somewhere. A lot of juggling been going on.

[Winston Biscuit]

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

[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.

[Zammo]

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

Ongoing complex cashflow constraints not sure that'll appease the fans tbh.

[Stranded]

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.

Agreed, nothing new but at least the club are finally acknowledging the reality of the situation we find ourselves in - that is a tiny positive.

The timing of this, in comparison to radio silence previously says to me that new investment is either very, very close or we'll be in administration within the next fortnight.

[Royal_jimmy]

Probably doing it in the hope we cancel Saturdays protest

[WestYorksRoyal]

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