Reading owner Dai Yongge has rejected a bid for the League One club from former chairman Roger Smee in a move that raises serious doubts about his desire to sell the club.
Smee submitted his offer on Friday but received a short email on Monday morning to say it had been declined.
It is the second fully-funded bid for the former Premier League side that Dai has rejected in just over two months, with ex-Wycombe Wanderers owner Rob Couhig receiving a similarly abrupt rejection of his £30million bid in September.
Smee, who played for Reading in the 1960s and 70s, was part of a group that rescued the club in the 1980s, when newspaper magnate Robert Maxwell tried to merge Reading with his club Oxford United.
Having seen off Maxwell, Smee became Reading’s chairman in 1983, a position he held for seven hugely successful years for the Berkshire club.
Smee’s attempt to rescue the club for a second time was first reported by local and national outlets in October, and The Athletic revealed this month he had finally submitted a bid. Dai, however, had already rejected his offer before our story was published.
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In a statement issued on Tuesday, Smee said he was “disappointed” news of his bid had been “leaked”.
“I am respectful of the owner and the sale process and had wanted my interest to remain private,” said Smee. “(But) in response to these claims in the media, I reluctantly feel I have to comment.
“I can confirm that my team submitted a carefully considered bid last week. I believe it was firmly competitive with the previous proposals that had been entertained and publicly granted exclusivity.”
He goes on to explain that he does not want to divulge the details of his bid, out of respect for Dai, his sales process, the club and its fans, beyond saying that it was solely motivated by his desire to see Reading “play at its highest level” and continue to play an integral role in the town’s life.
He then concludes by repeating his disappointment that his bid had been made public, before saying he is “equally sad to tell you my bid has been rejected”.
Dai bought Reading in 2016 and has presided over a period of huge losses, missed payments, points deductions and a relegation to the third tier in 2023, while the women’s team has dropped from the Women’s Super League into the fifth tier.
The Chinese businessman, who has previously bankrupted clubs in Belgium and China, told the club website over a year ago that he was trying to sell the team but after months of credible bids failing to materialise he has now rejected two in short succession.
Reading have declined to comment.
(Ben Hoskins – The FA/The FA via Getty Images)
