Reading referred to commission and placed under embargo after failing to pay HMRC

Reading have been referred to an independent disciplinary commission (IDC) and placed under a registration embargo after the club repeatedly failed to make payments to the HMRC.

The charge is related to unpaid tax in September and October. As a result club owner Yongge Dai will face a personal charge, with his hearing being expected to take place by the end of November.

EFL chief executive Trevor Birch said: “This is a challenging situation for all involved and we understand the frustrations of supporters and the negative impact sporting sanctions and further charges are having on the football club.

“As a League, we are required to ensure all 72 members are treated fairly and consistently on all matters so that the integrity of the competition is maintained. These consistent failures of the Club’s ownership to meet its ongoing obligations have a knock-on effect on all Clubs and as such, the deterrents in place must be actioned when breached.

“We have today met with the Reading Supporters Trust to discuss the challenges and will continue to work with the Club in an attempt to find a positive solution moving forward.”

This latest legal update comes amid news that former Newcastle United owner Mike Ashley is in talks to buy the troubled League One club.

Ashley, whose tumultuous reign on Tyneside ended in 2021, has held discussions about a potential deal to buy out Dai.

In addition to this, William Storey, a British businessman, who has failed in attempts to buy Sunderland and Coventry City — announced that he would not proceed with his attempt to lead a consortium hoping to buy the club in a proposed deal worth up to £50million saying: “After signing a contract & exclusivity in October we entered a period of due diligence. Our accountants have reported. My investors & I have decided not to proceed.

“I wish the club & loyal fans the very best & hope they get an owner who will invest for long-term success.”

Storey, 45, has a history of trying to become involved in various sports, and his energy drink company, Rich Energy, was the title sponsor of the Haas F1 team in 2019 but the relationship ended midway through the same season.

Dai has been Reading’s majority shareholder since May 2017 but the club have received points deductions in each of the last three seasons for EFL breaches and they were relegated from the Championship last term.

Reading fans have been protesting all season, regularly disrupting matches by throwing tennis balls onto the pitch, marched against Dai on Saturday before a 3-2 home defeat to Portsmouth that left them bottom of the third tier.


The ‘desperate’ plight of Reading: £191m losses, 16 points docked and a silent owner

(Photo: Getty Images)

Source link

About The Author

Scroll to Top