"It's just strange" - Reaction given to new Reading FC takeover update | OneFootball

Football League World's Reading fan pundit shares his frustration as the club's ownership saga continues

This article is part of Football League World's 'Terrace Talk' series, which provides personal opinions from our FLW Fan Pundits regarding the latest breaking news, teams, players, managers, potential signings and more...

League One club Reading are currently in a dire financial situation amid the continued failed ownership overseen by Dai Yongge, who purchased the Berkshire outfit back in 2017.

The Royals were relegated from the Championship in 2023, courtesy of a six-point deduction which came as a punishment for breaking the English Football League's profit and sustainability rules.

They were previously docked six points by the EFL back in 2021, after making an enormous loss of £57.8m, which is significantly more than the governing body's limit of £39m.

Yongge was also responsible for a series of two-point deductions last campaign, as the club failed to meet HMRC payment obligations, but despite these setbacks, Ruben Selles' men finished nine points above the League One relegation zone.

The Royals' current owner announced he was intent on selling the club last March, but the club are still under his failed ownership, despite the presence of a prospective buyer.

On Thursday, a club statement said: "Reading Football Club would like to provide an update following the club's last formal communication on 7th October 2024.

"In the previous statement it was confirmed negotiations had begun with a party looking to purchase the club, this process remains ongoing.

"The transaction has proved to be a complicated and lengthy process, however despite these obstacles, both the selling and buying parties remain committed to complete at the earliest opportunity.

"While discussions remain ongoing, the day-to-day operations remain in place with the club navigating cashflow challenges to meet its obligations.

"Full focus will remain on operating as prudently as possible until the sale is completed to new investors who can take the club forward.

"The club understands our supporters' eagerness for a resolution to the ongoing sales process.

Reading fan pundit reacts to club statement

Following the Royals' club statement, Football League World asked our Reading fan pundit, Johnny Hunt, if he thought the statement was good news, or if he was still frustrated with the situation.

Johnny said: "I think, to be honest, it's a bit of a nothing statement.

"It's like they had to put it out because fans are fed up.

"It's pretty much the same statement as they released last time, about 'Both parties are committed to buying and selling' blah, blah, blah, 'We'll keep you updated every month'.

"It's just strange that it seems to drag on, and on, and on.

"I don't think many clubs selling has taken this long.

"It's frustrating for everyone.

"I think, as fans, seeing that the tax and the wages are still being paid by someone, but how long is this going to go on for now?

"We're (at the) end of November, the January transfer is around the corner, and we really hope to be in a place where we have new owners for that.

"If not, we'll be keeping as we are, we can't sign any players, under the current owner.

"The team's doing amazing as they are, but it's still fairly early days, and it's a small, young squad, so we'll see."

The Royals are performing exceptionally well on the field

One bi-product of the Royals' financial issues is that they are currently subject to a transfer embargo, but despite their multiple setbacks, boss Selles and his young squad are performing incredibly well in the third tier, taking their difficult circumstances into consideration.

Tuesday night's 2-2 draw with sixth-place Barnsley means that Selles' men sit level on points with the play-off positions, and have a game in hand on the Tykes as well as fourth-place Stockport County.

For now, Royals supporters will be nervous about the future of their football club courtesy of Yongge's financial mismanagement, but if a takeover of the club is completed ahead of the January transfer window, they could even be on course for a promotion push.