https://www.readingfc.co.uk/news/2023/n ... b-matters/
MARK BOWEN | HEAD OF FOOTBALL OPERATIONS OFFERS AN UPDATE ON CLUB MATTERS
THE LATEST ON OUR CLUB’S FINANCES, THE OWNERSHIP SITUATION, FAN PROTESTS AND THE FOOTBALL…
Right now, everything is unbelievably difficult. Daily operations at the club continue to be hamstrung by cashflow problems, the search for new owners is encouraging but naturally time-consuming – and of course we are in a poor run of results which is frustrating everyone…myself, the manager, his coaching staff, the players and our supporters.
Even communicating clearly and cohesively with fans has been unavoidably challenging; all the information supporters are craving simply isn’t complete or obvious, much of it is either bound by non-disclosure agreements or has to remain confidential as part of the ongoing process. We have tried to keep fans as informed as possible and, while it might not provide the clarity everyone is desperate for, I felt it was important to tell you, our loyal fans, as much as I am able. I apologise in advance if I simply can’t provide answers to all the questions you have!
THE FINANCES
Last week, sufficient funds arrived from China to satisfy this month’s wage bill which was paid in full to all players and staff on time – as they have been since an administrative banking issue outside of the club’s control caused a minor delay in wage payment to a very small number of employees at the end of April. This week, owner Mr Dai also provided the funds to clear the outstanding debts owed to HMRC, resulting in the withdrawal of the winding up petition and again clearing our embargo status with the EFL. However, I know these are not achievements to boast about and financial funding remains an ongoing concern and complication across the club. Staff in every department deserve huge praise for going above and beyond expectations in helping the club jump every hurdle that presents itself…so I’d like to personally thank everyone who represents Reading Football Club with admirable fortitude.
THE OWNERSHIP
As we have made clear in recent club statements, Mr Dai has been seeking external investment to alleviate some of these issues for some time – and he is actively seeking to sell the club to new owners. The process of unearthing credible buyers and then engaging with those parties by supplying them with detailed levels of information to openly inform potential bids remains ongoing. With the help of senior management at the club and the vast experience of former CEO Nigel Howe, the process has gained focus and picked up even more momentum in recent weeks.
THE SALE OF THE CLUB
We are in constant discussion, negotiation and engagement with an encouraging number of individuals who we believe are all capable of making viable takeover bids. The nature of these negotiations, the structure of these potential bids and the identity of these individuals plainly has to remain private for legal reasons and for the benefit of the successful sale of the club. It is also very difficult to speculate on the timescales involved, but I am very positive that this process is now nearing a much-needed conclusion.
OUR PUNISHMENTS
So with the payment of the outstanding HMRC debts, we are currently not under embargo – so we are again able to sign players and offer new deals to existing squad members. However, we do remain under restrictions which will continue to limit us in our transfer activity – for the next three transfer windows we will not be able to pay any kind of transfer fee, loan fee or compensation fee. These restrictions will seriously impact recruitment…but we are used to it. The club have been working within similar limitations for more than four years now. In terms of points deductions, we currently have no suspended points penalties hanging over us – however, we have been referred to a disciplinary commission regarding the late payments to HMRC which cumulatively exceeded a 30-day threshold. With a hearing set for later this month, we are actively working with our legal representatives to prepare the club’s case. No precedent has been set for these rule breaches, so I can’t responsibly tell supporters what to expect from the outcome of that hearing.
THE FOOTBALL
Everyone will be aware of our current league position. Everyone will be concerned by our recent run of results. Rightly so. I am no different. But I urge everyone to remember the context behind our league placing and the consistency in our performance levels and understand that we have had to endure points deductions and the threat of more, we have had to operate with our hands tied firmly behind our backs in a very small shop window in the transfer market – and as a result we have built a very young, but very talented squad. In nearly all of our fixtures this season, the majority of the starting eleven are playing in their first professional season as a regular first team starter. Within the narrow recruitment goalposts we were given, the aim was to put together a squad who would evolve together, a young group of players who could excite our fans and would form a healthy core at the heart of our club. This process does take time and patience, though. There are 23 other clubs in this division who are further down the line with their own respective plans and not one of them forced to deal with the issues we have had to negotiate and continue to grapple with. At times, we have played some excellent football which has been good to watch – but almost inevitably form has been inconsistent and we are all very aware we need more points on the board, due reward for our efforts. This young, promising group of players will I am sure develop quickly as a unit, but let’s not forget that they are on the steepest of learning curves…all due to the situation we as a club find ourselves in. And I know they have your total backing and understanding.
LAST, BUT NOT LEAST…YOU, OUR FANS
There is no doubting your love for this club. Emotions are understandably running high and those emotions are being expressed, passionately and pointedly. At times like these, to feel that passion is vitally important to everyone at the club and we cannot and would never want to quell that passion. I understand the protests and I can only empathise with our fanbase. We can, however, ask that your voice is heard as a collective and that any protests are well-thought out, delivered in constructive ways which make the right impact and which consider the effect they make have on the players, the staff and the club as a whole. Ultimately, we desperately want to avoid those who care most about this club being punished any further. And my overriding message to fans has to be a heartfelt thank you for the support and a plea to stick with us through these testing times.
