morganbHave had confirmation that staff have received their wages this morning #readingfc
James Earnshaw
https://twitter.com/james_e1871/status/ ... 4824767503
Small mercies.
Next pay day is Halloween.
by Stranded » 29 Sep 2023 10:51
morganbHave had confirmation that staff have received their wages this morning #readingfc
James Earnshaw
https://twitter.com/james_e1871/status/ ... 4824767503
by From Despair To Where? » 29 Sep 2023 10:52
YorkshireRoyal99 Where is Dai's sister, Dai Xui Li, in all of this? Does she not own the club alongside himself and doesn't she reside in London?
by WestYorksRoyal » 29 Sep 2023 10:52
StrandedWestYorksRoyalSnowball Please excuse my ignorance, but is the points deduction
for going into administration 12 Points?
What "other things" happen in administration?
We can't be forced to sell players before January, right?
My thoughts are, IF we went into administration and Dan
was actually gone, new people and money eventually arrive,
couldn't this squad end up 13+ points clear of the drop
and thus AVOID relegation?
Administrators are appointed to get the club onto firmer financial footing and find a buyer. If our income can't cover our wages, they would make the decision to sell. But they have to make decisions in the club's financial interest, so that can be squared with rejecting derisory offers if it represents a poor deal.
Administration has absolutely naff all to do with the clubs best interests but the best interests of the creditors. The job of the administrator is not to ensure there is a Reading Football Club but to find a way to ensure those who are owed money by it get the most they can.
That could be via a sale of the club or firstly the sale of assets - which would first and foremost be players. If the administrators do not feel they can find a way forward to satisfy creditors, then they will have to look at liquidation.
Admin should see new owners but it doesn't automatically follow what it does guarantee, is people will lose jobs and whatever remaining assets will likely be sold - relegation will almost be a certainty. We would be 13 points adrift with a then demorilised squad who could be sold at any moment.
It may be the least worst option but should not under any circumstances be welcomed.
by Norfolk Royal » 29 Sep 2023 10:56
StrandedWestYorksRoyalSnowball Please excuse my ignorance, but is the points deduction
for going into administration 12 Points?
What "other things" happen in administration?
We can't be forced to sell players before January, right?
My thoughts are, IF we went into administration and Dan
was actually gone, new people and money eventually arrive,
couldn't this squad end up 13+ points clear of the drop
and thus AVOID relegation?
Administrators are appointed to get the club onto firmer financial footing and find a buyer. If our income can't cover our wages, they would make the decision to sell. But they have to make decisions in the club's financial interest, so that can be squared with rejecting derisory offers if it represents a poor deal.
Administration has absolutely naff all to do with the clubs best interests but the best interests of the creditors. The job of the administrator is not to ensure there is a Reading Football Club but to find a way to ensure those who are owed money by it get the most they can.
That could be via a sale of the club or firstly the sale of assets - which would first and foremost be players. If the administrators do not feel they can find a way forward to satisfy creditors, then they will have to look at liquidation.
Admin should see new owners but it doesn't automatically follow what it does guarantee, is people will lose jobs and whatever remaining assets will likely be sold - relegation will almost be a certainty. We would be 13 points adrift with a then demorilised squad who could be sold at any moment.
It may be the least worst option but should not under any circumstances be welcomed.
by Snowball » 29 Sep 2023 11:07
StrandedmorganbHave had confirmation that staff have received their wages this morning #readingfc
James Earnshaw
https://twitter.com/james_e1871/status/ ... 4824767503
Small mercies.
Next pay day is Halloween.
by Snowflake Royal » 29 Sep 2023 12:29
Millsy Dai is awful and needs to go.
But just for some perspective (without starting another thread) can someone provide devils advocacy for Dai? If he’s put in £200m isn’t that quite a lot? Do we have a lot to thank him for even if ultimately he just isn’t as stable or reliable as we need?
by YorkshireRoyal99 » 29 Sep 2023 12:41
by 3points » 29 Sep 2023 12:46
Snowflake RoyalStranded Some of the highlights:
Pang not been seen at the club in 4 months
Comms non-existant, staff tend to see news in the media first
Dai close to impossible to get hold off, club have had to resort to going via that twat Kia as Dai only seems to pick up from him.
Talks have happened but Dai values the club at 70/80m, without the stadium
Players may be sold at any time at a lower that market price in order to get payment in now and keep the player until Jan
Overnight stays for most away game scrapped
A lot of the players here last year just didn't give a shit and the workplace was toxic
On the plus side, it does praise Selles and the work he is doing to turn the culture around in difficult circumstances.
Well that's that then.
We're done as a club but for the death rattle. Dai's valuation without the stadium is more than double a reasonable valuation with it.
Without a change in law or Dai's attitude, we'll be needing to create a phoenix club within 3 or 4 years.
by WestYorksRoyal » 29 Sep 2023 12:47
by WestYorksRoyal » 29 Sep 2023 12:50
3pointsSnowflake RoyalStranded Some of the highlights:
Pang not been seen at the club in 4 months
Comms non-existant, staff tend to see news in the media first
Dai close to impossible to get hold off, club have had to resort to going via that twat Kia as Dai only seems to pick up from him.
Talks have happened but Dai values the club at 70/80m, without the stadium
Players may be sold at any time at a lower that market price in order to get payment in now and keep the player until Jan
Overnight stays for most away game scrapped
A lot of the players here last year just didn't give a shit and the workplace was toxic
On the plus side, it does praise Selles and the work he is doing to turn the culture around in difficult circumstances.
Well that's that then.
We're done as a club but for the death rattle. Dai's valuation without the stadium is more than double a reasonable valuation with it.
Without a change in law or Dai's attitude, we'll be needing to create a phoenix club within 3 or 4 years.
while we may not agree or like it, it is relatively easy to see how he gets to that sort of figure when you think he's put £50m into Bearwood. Add another £20-30m for the club and players then you're not far off. Don't think any of us would argue about £20-30m as a price expectation for the club. A quick Google suggests Derby has cost the new owners around £80m including the stadium. Doubt they have spent £50m on a training ground.
by Loafer » 29 Sep 2023 12:52
by Snowflake Royal » 29 Sep 2023 12:57
by 3points » 29 Sep 2023 12:59
WestYorksRoyal3pointsSnowflake Royal Well that's that then.
We're done as a club but for the death rattle. Dai's valuation without the stadium is more than double a reasonable valuation with it.
Without a change in law or Dai's attitude, we'll be needing to create a phoenix club within 3 or 4 years.
while we may not agree or like it, it is relatively easy to see how he gets to that sort of figure when you think he's put £50m into Bearwood. Add another £20-30m for the club and players then you're not far off. Don't think any of us would argue about £20-30m as a price expectation for the club. A quick Google suggests Derby has cost the new owners around £80m including the stadium. Doubt they have spent £50m on a training ground.
The training ground cost is not irrelevant, but it's also not defining. It's worth to a potential buyer is the value it can create, not what Dai paid. While we're in L1, it can impress signings and help us attract a high calibre of player despite the chaos. But it's definitely providing less value than it would in the Championship, and I can't imagine any sort of financial model that would value it at the £50m it cost.
by 3points » 29 Sep 2023 13:00
Snowflake Royal Let's not forget that the training ground was at least part funded by selling the old one.
It's not just flat additional value / cost for the club. The club's value when sold previously included the stadium and the old training ground.
10 odd years ago the club was valued at ~£50m when it was in the Championship on the verge of the PL. Since then its become a relegation threatened L1 club, with a stadium that's depreciated in value and been separated from the club, and a training ground that's been replaced.
There is no one. Anywhere. That would pay over £35m for a L1 club.
by WestYorksRoyal » 29 Sep 2023 13:02
Loafer so many clueless people here dont actually know how football and administration and the HMRC and taxes works
by windermereROYAL » 29 Sep 2023 13:31
by NathStPaul » 29 Sep 2023 13:39
windermereROYAL Lewis Coombes reporting that Dai paid this months wages.
by Mid Sussex Royal » 29 Sep 2023 13:42
windermereROYAL Lewis Coombes reporting that Dai paid this months wages.
by Pepe the Horseman » 29 Sep 2023 13:49
by Sutekh » 29 Sep 2023 14:00
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