Football finance expert Kieran Maguire has had his say on the latest winding-up petition ordered to the holding company of Reading Football Club, Renhe Sports Management.
In Dai Yongge's seven years of owning the club, hundreds of millions of pounds has been spent but the club have dropped from the brink of the Premier League to fighting for survival in League One while battling transfer embargoes and points deductions.
The Reading Football Club Limited were served two winding-up petitions last season for unpaid taxes and also received one in 2020 due to agency fees.
These were settled before the arranged court date.
🚨Reading FC holding company, Renhe Sports Management, served a winding-up petition by the firm of lawyers used for Couhig takeover. Am told it 'does not materially impact the club or its operating at present.' Also 'no threats of EFL action.' #readingfchttps://t.co/EKe400A0ke
— James Earnshaw (@james_e1871) October 22, 2024
As can be seen on the Courts and Tribunals Service, lawyer firm Walker Morris have lodged fresh a winding-up petition against the holding company, Renhe Sports Management Co Limited, relating to fees connected to Mr Couhig's failed takeover attempt over the summer.
Walker Morris were previously Mr Dai's legal representation on the sale. He has since changed representation since the Couhig deal collapsed.
It is understood that papers were served last week, but this winding-up order does not materially impact the club or its operating at present and there are no threats of EFL action.
"Renhe Sports Management- exactly the same as Reading- has not published any accounts since 2022," the lecturer and co-host explained. "It has chosen to contentiously ignore its legal responsibilities in regard to publishing its accounts. The noises that one or two people at Reading are trying to put out is that they’re in the middle of a sale and it might cause complications- that is utter hogwash. The accounts for the year ending 30 June 2023 have no implications or consequential issues in regard to selling the club in October 2024.
"This is Dai Yongge simply showing two fingers, or one finger, at the Reading fanbase, the EFL and football in general to say, ‘I can do what I want because I’m a billionaire.’
It looks as if this particular winding-up petition isn’t connected to the non-publication of accounts but from the lawyers who were acting on behalf of Reading in relation to the failed sale of the club to Rob Couhig. It looks like they have not been paid. There are certain people who you shouldn’t p**s off in life and one would be your legal advisors."
The club remain in a period of exclusivity with an unknown party and a deal is 'progressing.'
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