TAKEOVER *NOT* CONFIMRED

[WestYorksRoyal]

It feels eerily similar to the manager search in the summer. Lot's of names flying around, some good some bad. Then reputable reports that we are very close with one particular party. Then nothing. Silence.

The eventual outcome of the manager search was a disaster. Let's hope for better here.

[blythspartan]

I am starting to think we’ll continue to limp along this season and get relegated. Then next season we’ll be hit with a catastrophic points deduction which will all but relegate us to the National League. Sadly, that could actually be one of the better scenarios.

I don’t trust Dai and I think out of pure spite he could finish the club as he has previous at doing so.

[Greatwesternline]

Anybody else starting to get seriously concerned that Dai's not going this season?

If there are 4 parties interested in buying Reading, there will be 4 sets of du diligence, 4 sets of negotiations.

The owner will be playing these offers against one another, its an auction of sorts.

Depending on who the winner is, it could be a number of weeks until they meet the Fit n Propa test, due to the number of parties involved and their source of funds, especially if they live abroad.

I would expect were a deal to be done before Xmas that if its a foreign consortium we might see fit n propa passed by late Feb?

If it was Mike Ashley for real, it might be quicker, given his source of wealth is very public and very well known.

Tbh i dont think Mike Ashley would see us as a venture he'd be interested in, he's more interest in buying assets with no other buyers interested, and picking them up for close to zero so that there is almost no down side risk. If he's having to compete with 3 other buyers he isn't getting it for next to nothing and it represents significant risk.

[Snowflake Royal]

Anybody else starting to get seriously concerned that Dai's not going this season?

Yep and nor Selles

Not concerned as what will be will be. But resigned to it, and the possibility we cease to exist before we start next season.

We're so close to having a bright future on the up, we just need a new owner to slide a bridge under our feet before we look down and realise we're ten feet out over a bottomless crevasse.

[morganb]

For the other two clubs that Dai owned that went under, do we know if he attempted to sell them and if the sale process followed a similar pattern to what we are seeing? Or did they just die?

[Sutekh]

For the other two clubs that Dai owned that went under, do we know if he attempted to sell them and if the sale process followed a similar pattern to what we are seeing? Or did they just die?

Believe they just sort of died and there was no attempt to sell. Any Roeslaere fans on here?

[Pepe the Horseman]

For the other two clubs that Dai owned that went under, do we know if he attempted to sell them and if the sale process followed a similar pattern to what we are seeing? Or did they just die?

Believe they just sort of died and there was no attempt to sell. Any Roeslaere fans on here?

TBM knows one.

[From Despair To Where?]

For the other two clubs that Dai owned that went under, do we know if he attempted to sell them and if the sale process followed a similar pattern to what we are seeing? Or did they just die?

Rehne had 8 owners and relocated 4 times in their 25 year existence and never made any money. They were created to cash in on the boom in Chinese football. The moment the Chinese Government stopped encouraging investment, the bottom fell out of Chinese football. I'm not sure selling the club was ever a realistic option.

More worryingly, Roseselaire were supposedly in the process of being bought by a Brazilian consortium fronted by Mikael Silvester (incidentally an agent who works for Joorabchian's agency) when they were liquidated over an unpaid debt to a local restaurant. Reportedly, the debt would have been settled had the sale taken place. So yes, there are some similarities there.

[blythspartan]

If Dai just wants to kill us like his 2 other clubs how does that actually work?

I understand that only Dai can put us into administration, which would most likely result in new ownership and a points deduction, but we’d survive as a club. However, what would be the main trigger for the club to be liquidated?

Would it be a case of funds running out and not being able to fulfil our fixtures for the rest of the season so the EFL would kick us out of League One?

[WestYorksRoyal]

If Dai just wants to kill us like his 2 other clubs how does that actually work?

I understand that only Dai can put us into administration, which would most likely result in new ownership and a points deduction, but we’d survive as a club. However, what would be the main trigger for the club to be liquidated?

Would it be a case of funds running out and not being able to fulfil our fixtures for the rest of the season so the EFL would kick us out of League One?

He can liquidate us if he wants, but more likely it would be HMRC.

I think underpriced is that he just lingers and we continue to sink lower and lower. Much more likely than liquidation.

[Royalwaster]

Anybody else starting to get seriously concerned that Dai's not going this season?

If there are 4 parties interested in buying Reading, there will be 4 sets of du diligence, 4 sets of negotiations.

The owner will be playing these offers against one another, its an auction of sorts.

Depending on who the winner is, it could be a number of weeks until they meet the Fit n Propa test, due to the number of parties involved and their source of funds, especially if they live abroad.

I would expect were a deal to be done before Xmas that if its a foreign consortium we might see fit n propa passed by late Feb?

If it was Mike Ashley for real, it might be quicker, given his source of wealth is very public and very well known.

Tbh i dont think Mike Ashley would see us as a venture he'd be interested in, he's more interest in buying assets with no other buyers interested, and picking them up for close to zero so that there is almost no down side risk. If he's having to compete with 3 other buyers he isn't getting it for next to nothing and it represents significant risk.

It doesn't quite work like that - you start with bidders and if one bidder has their offer accepted de facto, they then get the chance for a proper due dilligence process which may result in a firm and binding offer. If that process fails, the previous bidders could in theory step in at that stage, but the process starts afresh and does not necessarily move onto the DD process for each of those offers unless there is once again some kind of de facto agreement. Sometimes this process can be used by the seller to extract more from the buyer - e.g. by refusing the bid and offering it to one of the other bidders etc. so it's a tricky process. So it could be that we're not far off - or it could be that it all falls through and all the bidders walk away. I generally do not believe the scenario that Dai wants to screw us over out of spite is particularly realistic ... he is an idiot, but not such an idiot, as he'd be cutting off his nose to spite his face.

[Greatwesternline]

Anybody else starting to get seriously concerned that Dai's not going this season?

If there are 4 parties interested in buying Reading, there will be 4 sets of du diligence, 4 sets of negotiations.

The owner will be playing these offers against one another, its an auction of sorts.

Depending on who the winner is, it could be a number of weeks until they meet the Fit n Propa test, due to the number of parties involved and their source of funds, especially if they live abroad.

I would expect were a deal to be done before Xmas that if its a foreign consortium we might see fit n propa passed by late Feb?

If it was Mike Ashley for real, it might be quicker, given his source of wealth is very public and very well known.

Tbh i dont think Mike Ashley would see us as a venture he'd be interested in, he's more interest in buying assets with no other buyers interested, and picking them up for close to zero so that there is almost no down side risk. If he's having to compete with 3 other buyers he isn't getting it for next to nothing and it represents significant risk.

It doesn't quite work like that - you start with bidders and if one bidder has their offer accepted de facto, they then get the chance for a proper due dilligence process which may result in a firm and binding offer. If that process fails, the previous bidders could in theory step in at that stage, but the process starts afresh and does not necessarily move onto the DD process for each of those offers unless there is once again some kind of de facto agreement. Sometimes this process can be used by the seller to extract more from the buyer - e.g. by refusing the bid and offering it to one of the other bidders etc. so it's a tricky process. So it could be that we're not far off - or it could be that it all falls through and all the bidders walk away. I generally do not believe the scenario that Dai wants to screw us over out of spite is particularly realistic ... he is an idiot, but not such an idiot, as he'd be cutting off his nose to spite his face.

Of course he's not trying to spite us. He just wants the best price possible. It takes time to work out what that best price is.

[Stranded]

Someone tweeting "a source" stating Genevra have walked away due to Dai making new demands.

[WestYorksRoyal]

Someone tweeting "a source" stating Genevra have walked away due to Dai making new demands.

Unverified but definitely believable.

Would other bidders come back to the table or would Dai's conduct put them off? We've seen with Moore and Loader he's unreliable to negotiate with. Presumably this was similar that his representatives got him a good deal and it still fell apart when he got involved.

[morganb]

This is the Tweet and the text as it stands:

https://twitter.com/iJC106/status/1734976962165080181

Joe
@iJC106

Been told today that the Genevra sale is off. A few shifts of the goal posts have seemingly complicated negotiations in late stages. Again, not claiming to be a journalist, and I know I said before the sale was done, but that was before Dai’s requested changes late on #ReadingFC

This is as per a very reliable source of mine. Sorry to be the bearer of bad news but seems like to continue protesting is the only way forward, potentially even abandonment. No matter what happens next, we must not stop. #ReadingFC
4:41 PM · Dec 13, 2023

@PaulFrankfurt71
Fully believe it, though naturally take any rumour with a pinch of salt, want Dai gone but something about Genevra made me uncomfortable #read

@iJC106
Of course, this unfortunately I do believe firmly. Goes hand in hand with the dead silence around the sale in recent weeks and the late demands Dai has made. At the end of the day I’m a fan who wants the best for the club who will report anything told by someone reliable

@Simps100
Sounds like something maybe in the rumors of Samuelson and Howe causing issues too. Worrying Samuelson is anywhere near us again but it don’t surprise me at all

[blythspartan]

We are done for and what will be will be. I really do believe Dai would do this out of spite and just write off all the money he’s lost.

[Sutekh]

Mass tennis ball protest v Wigan? Fan before kick off/half time protest on the pitch?

[Mid Sussex Royal]

Never heard of Joe, does he have a track record of getting stuff right?

[WestYorksRoyal]

Never heard of Joe, does he have a track record of getting stuff right?

Never before recently. The first time he posed as "ITK" he said the sale was basically agreed, and then a week later James Earnshaw reported that exclusivity with Genevra was imminent. So reasonable success rate there and I'm probably inclined to believe this one too.

[Mid Sussex Royal]

Never heard of Joe, does he have a track record of getting stuff right?

Never before recently. The first time he posed as "ITK" he said the sale was basically agreed, and then a week later James Earnshaw reported that exclusivity with Genevra was imminent. So reasonable success rate there and I'm probably inclined to believe this one too.

Just checked his tweets, as part of his first post on the sale being agreed he also posted the club was close to liquidation.

If he's right about all this things are going to move one way or another pretty quickly