15 January 2024 , 17:52
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Reading owner Dai Yongge has been told to put up - or sell up.
The EFL have warned the Chinese businessman to "fund the club adequately" or "make immediate arrangements to sell” after hitting him with a £50,000 fine for failing to meet a financial deadline over wages. Crisis club Reading saw their League One game with Port Vale abandoned on Saturday after a pitch invasion and protest by angry supporters.
Yongge has struggled to pay wages, staff at the club have been told to wear warm clothes to save on heating and players told to bring in microwave meals to save on catering. It has also emerged that midfielder Charlie Savage, 20, has a clause in his contract meaning he is due a wage increase after making 15 starts for Reading this season.
However, Savage, a full Wales international, has not started a game for the club since Reading played Bristol Rovers on November 7 which was his 14th start. Derby and Stockport have both seen enquiries for Savage knocked back.
The EFL statement said: “As Reading FC supporters are only too aware, it has in recent months become increasingly clear that Mr Dai Yongge is no longer in a position - or does not have the motivation - to support the Club financially as he did following the change of control in 2017.
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“In November 2023, the EFL called for the disqualification of Mr Dai following the failure to fund the deposit account to cover player and staff salaries following repeated breaches of EFL Regulations. This was ultimately rejected by an Independent Disciplinary Commission and a financial sanction was imposed instead.
“The EFL has now received confirmation that Mr Dai did not meet last Friday’s latest deadline to fund the deposit account as ordered, meaning he has been in default for nearly four months. As a result – and as per the terms of the 15 December decision - a further £50,000 fine has now been imposed, taking the total to £80,000.
Reading fans on the pitch during the game against Port Vale (PA)“His continued failings mean that once again the Club's hardworking staff have no reassurance as to payment of wages and demonstrates a clear disregard for his obligations as a director of the Club.
“In respect of this issue, the League will now consider all available options it has under the Regulations and will have no hesitation in bringing further charges against Mr Dai.
“In the meantime, and for the sake of the future of Reading FC, its staff, supporters, and local community we urge Mr Dai either to fund the Club adequately or to make immediate arrangements to sell his majority shareholding to appropriate new owners so everyone can move forward with renewed optimism.”
Nick Houlton, Sell Before We Dai spokesperson, said: “An independent regulator for football cannot come soon enough.”
Reading have been hit with a series of deductions totalling 16 points since November 2021, including four in August. They are fourth from bottom of the table, three points from safety.