Reading owner Dai Yongge has been fined £20,000 by an independent panel for failing to deposit 125 per cent of the wage bill into a dedicated account, despite calls from the English Football League to ban him from the game.
In September 2023, Dai was charged with misconduct after failing to comply with the order of an independent Disciplinary Commission which required him to deposit an amount equal to 125 per cent of the Club’s forecast monthly wage bill in a designated bank account.
The matter was referred to an independent Disciplinary Commission and at the hearing, which took place on 23 November 2023, the EFL put forward that Mr Dai should be disqualified from all football activity, including ownership and control, for a period of 12 months.
The independent Commission were left ‘unimpressed’ by Mr Dai’s failure to provide detailed evidence as to the ongoing reasons for failure to pay and as to his future intentions but felt a disqualification 'would not achieve the immediate objective of sourcing the required funds for the deposit account.'
Therefore, the Independent Commission have fined £20,000 with a further £50,000 suspended and to be activated on 12 January 2024 unless the required deposit is made in full.
The EFL say they 'will have no hesitation in bringing further charges against Mr Dai if he fails to comply with the Commission’s directive.'
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