Reading FC: Are They Really in Debt?
Neal Reichel
2025-05-22 01:15:22
Count answers: 7
The Reading owner Dai Yongge’s repeated attempts to sell the club are being jeopardised by his failure to repay previously undisclosed debts of more than £55m to a state-backed Chinese bank, according to documents seen by the Guardian. A loan from Haitong International Securities caused the collapse of a £30m takeover by Rob Couhig last month, with documents showing the investment bank has the right to take ownership of Reading’s stadium if it is sold without the debt being repaid. The loan was due to be repaid two years ago and Haitong have been going through the Hong Kong courts since then, but with Dai close to selling they are pushing harder now. “He put the stadium up as collateral against a £50m loan, and the bank want their money back. And no one is going to buy Reading without the stadium.
Ottilie Hoeger
2025-05-22 00:13:03
Count answers: 1
The annual financial report into Reading FC plc record a net loss at the club of £35.5 million. The company incurred a net loss of £35, 51 0,176 during the year ended 30 June 2021 and, at that date had net liabilities of £87,670,999. Auditors stated that the figures: “indicate the existence of a material uncertainty which may cast doubt about the company’s ability to continue as a going concern.” This uncertainty is somewhat assuaged by the continuing support of the shareholders. The ability of the club to continue as an ongoing concern is dependent, reads the report on a shareholder confirmation: “that they will not seek repayment of their loans to the company unless the company’s cash flow permits repayment to be made without jeopardising the company’s ability to continue as a going concern.”
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