Reading Borough Council have approved the Supporters' Trust at Reading's [STAR] application for the Select Car Leasing Stadium, the home of Reading Football Club, to become an Asset of Community Value.
A posh term to many, this small piece of protection could become one of the most significant acts completed by the supporter group Sell Before We Dai in ousting negligent owner Dai Yongge.
We attempt to explain it below.
We're very pleased to announce that the Select Car Leasing Stadium is now considered an Asset of Community Value.
— Sell Before We Dai (@SellBeforeWeDai) October 5, 2023
A huge step in protecting the long-term future use of the stadium for #readingfc.#SellBeforeWeDai
Read more here 👇🏻 https://t.co/tQg0GAnDBQ pic.twitter.com/rEHVT8VJ3q
What is an ACV and what does it do?
ACVs are land or buildings where, in the opinion of the local authority, the actual current use furthers the social well-being or social interests of the local community, and it is realistic to think that the same or another such use will continue.
The granting of an ACV means the owner is unable to dispose of it until STAR and the council are notified. They will then receive six weeks to declare an interest in matching the price offered and purchasing themselves.
Once declared, the community will have six months to raise the funds.
It currently lasts for five years, but can be extended.
What happens if supporters/community do not raise the funds?
In addition to the AVC, the Council has a covenant stating that the stadium can only be used for 'sporting activity.'
In essence, the stadium and land on which it is built should be protected from becoming anything other than what it is currently used for.
If the funds can't/won't be raised then Yongge can still sell. However, there is a catch...
Why is this significant for Dai Yongge?
This gives the most protection possible to the SCL Stadium.
Nobody knows Mr Yongge's intentions, but the stadium and its land are his most valuable assets connected with to football club and he could be keen on repurposing it if he so wished.
However, by protecting it, his options of selling to developers should be closed off and reduce his ability to make money off of it.
Knowing he is unlikely to flip a profit on the stadium, it may force his hand to cut his losses with the club and sell to someone better suited to funding the club going forward.
The likes of Coventry City and Brighton have been forced to spend time playing away from their hometowns and cities due to owners turfing the clubs out- the risk of this is reduced drastically now.
Sarah Turner, Sell Before We Dai spokesperson and STAR Chair, said:
“We are so grateful for the support of Reading Borough Council and the helpful ruling on our ACV application.
“The Sell Before We Dai campaign isn’t just about pressuring our owner Dai Yongge to sell, but also protecting the long-term future of the football club. This includes ensuring our stadium remains the home of Reading FC, and not an economic asset for unfit and improper owners.
“We have seen what’s happened to other clubs in similar situations to ours when their stadium’s future has not been secured. Being granted Asset of Community Value status offers us a glimmer of hope in what has been the most unsettling period for fans in 40 years.
“We are increasingly concerned about the fate of our 152-year-old club due to ongoing financial mismanagement by our Reading FC’s owners. We hope today’s announcement will help underline the attractiveness to any potential new owners as we continue to campaign for change at the club.”
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here