Reading FC confirm search for external investment in statement

Reading have confirmed that they are looking for external investment in a statement released to supporters.

The Royals have been rocked with financial difficulties all summer, with wages paid late last season and two HMRC bills delayed.

Supporter unrest has grown against owner Dai Yongge, with protests due to take place after the first match of the season on Saturday.

Releasing a statement, the club have said: "Reading Football Club can confirm that it is currently in the process of seeking investment to provide significant financial support to the business.

📰 Club statement | Update on investment

"Our owner Mr Dai Yongge remains fully committed to the club and both he and Chief Executive Dayong Pang have been extremely active in recent weeks in trying to establish a sustainable source of financial backing for the football club going forward.

"Despite ongoing complex cashflow constraints – related in part to the intense and protracted effects of the global pandemic which continue to impact business in China – the full wage bill has been satisfied for both players and staff at the end of the month and a late payment to HMRC – which temporarily placed the club back under a strict embargo at the end of last week – is due to be personally resolved by Mr Dai in the coming days.

"The day-to-day processes at both Bearwood Park and the Select Car Leasing Stadium remain challenging though, so Mr Dai and Dayong Pang are striving to secure external investment which will offer substantial assistance to the operations of the club in its immediate future.

"Details relating to investment in Reading Football Club will remain confidential and non-disclosure agreements will be in place while due diligence processes are in progress.

"There will be no further comment from anyone at Reading Football Club on this matter at present. When further developments arise, we will endeavour to communicate openly and honestly to our supporters.

"We sincerely appreciate our fans’ patience and ongoing support throughout our recent challenges. The new football season begins at home against Peterborough United on Saturday 5 August and we trust that the manager, his staff and the players can count on your support from the stands as we look to get our League One campaign off to a winning start on home soil."

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