21 January 2024 , 21:31
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The CEO and founder of successful British fitness clothing manufacturer Gymshark has denied claims that he's set to complete a takeover of League One crisis club Reading.
Ben Francis, a billionaire from Birmingham, shut down the suggestions on social media, with Reading in dire need of investment as their troubles mount both on and off the pitch. A local reporter had shared a post claiming that Gymshark's Francis was "on the verge of becoming Reading's sole owner."
Francis, though, gave excited supporters the disappointing news 50 minutes later. "I'm sorry but this isn't true," the MBE wrote. "I'm a Villa fan through and through and wouldn't have an involvement with any other club. Plus I'm far too busy at Gymshark! All the best I hope you can get everything sorted."
Forbes estimated in April last year that Francis' 70 per cent stake in Gymshark was worth $1.2billion, making the then-30-year-old entrepreneur one of the youngest newcomers on the 2023 World's Billionaires List. Francis initially wanted to become a footballer before selling gym clothing as a student aged 19.
Reading are 21st in League One, on course to be relegated after starting the season with a minus-one points deduction and being docked another three in September. The Royals were relegated to the third tier for the first time in 20 years last season, having been deducted six points during the 2022-23 season.
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Supporters are desperate for the club to be sold by much-maligned owner Dai Yongge, with fan protests forcing their recent home game against Port Vale to be abandoned. After English Football League chiefs urged the Chinese businessman to either sell or fund the club, chief executive Dayong Pang claimed that Yongge "is 100 per cent willing" to sell.
"We're still talking to people," Pang recently told talkSPORT. "I ask our fans to be patient. I feel the fans' frustration about the selling process but their reaction has done nothing good for the club or the selling process. We keep talking to all kinds of different buyer groups after two offers [fell through]. The selling process is ongoing. I please ask our fans to be more patient. It takes time."
Reading fans and the EFL are urging Dai Yongge to either sell or fund the club (JASONPIX)The EFL released a statement earlier this week, having fined Yongge a further £50,000 for failing to meet financial deadlines over wages. "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," it said.
"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."