Reading takeover collapse's

[canterburyaddick]

Or they have to sell it anyway and it becomes building and is lost to football completely.

[Mundell]

I’m not trying to defend Dai Yongge here or trying to construct an argument justifying him selling Reading’s Training Ground at Bearwood Park, but based on what I’ve seen in the media the reporting of this issue has been extremely one-sided and typical of the standard “evil owner”, “poor down trodden fans” narrative. 

Reading’s First Team didn’t actually begin to use the facility at Bearwood Park until sometime during the 2019-20 season with the academy and other areas of the club transitioning during 2020. It is hardly part of the club’s heritage, therefore. It is, instead, emblematic of a period of huge investment in the club designed to establish it amongst the elite. 

I’ve linked below two short articles, one from Reading FC and one from the developer, which set out the history. While I can’t claim to be completely on top of the facts (and am happy to be corrected), it seems that the site at Bearwood Park, previously a Golf Club, was acquired for £4m in 2013 with planning permission granted in 2015. When Dai Yongge acquired the club in 2017 he then committed to spend the £50m needed to develop what are now outstanding facilities, home to both the first team and a category one academy.

The problem now is that Dai has run out of money or, alternatively, as he claims, is unable to get money out of China and is, as result, unable to fund the club’s ongoing losses. It’s not clear how hard he’s trying to sell, but even if he is fully committed to a sale he’s unlikely to attract bids anywhere near what he’s spent developing the Training Ground at Bearwood Park, let alone the circa £200m he’s invested in total. It’s hardly surprising he’s looking at all possible options. 

Dai Yongge is guilty of appalling mismanagement and/or of being very poorly advised by those he’s relied on. That’s on him, but it’s worth repeating that nobody at Reading complained when all this money was being spent.

I remember visits to Elm Park to watch a team playing in both Divisions Three and Four. That’s not so long ago. Now, Reading play in an impressive, purpose built stadium and enjoy the benefits of an outstanding training facility. That’s what’s in place today. It’s not some historic legacy. It might be argued that what’s now needed is an owner who will pay what it’s worth to take these assets on. I suspect that’s not going to happen and that’s the stand off we now face. It’s hard to blame Dai for wanting to salvage at least some “value” though. even if it’s likely to prove to be a fruitless mission. The fact he appears not to have realised that a condition of planning was that only Reading can train at the facility is testament to him being much more Frank Spencer than Dr No. 

Reading’s announcement

Developer’s announcement

[Occam’s Razor]

If football forums existed in Eighties, and thank God they didn’t, you can well imagine certain people posting …

“Yes…but ….Councillor Simon Oelman does have a point”.

[aaronaldo]

It's rarely black and white Mundell as you say. I did read the statement from Wycombe and it mentioned sharing the facilities, which makes some sense. They would fund Reading to stop the losses.

I guess it depends on how quickly they can be sold. There's no way they are getting their monies worth for the facilities as they have no leverage. However, if selling it means they avoid another points deduction (and relegation) then it's tough to call.

[valley]

Chiron Sports Group is in exclusive talks to buy Reading FC. The group is managed by former Charlton director Leo Rifkind and backed by investors Robin Lauber and Christian Angermayer (worth $1.1bn).