Reading boss Tai Yongge is set to come under further scrutiny after Luxembourg-based hedge fund Genevra Associates considered withdrawing its takeover bid, The Daily Telegraph reported.
Previously, the Genevra Associates fund had been in in-depth negotiations with Dai Yongge on a potential acquisition of Reading Club, but due to the delay in negotiations, they are now ready to withdraw. According to the “Daily Telegraph”‘s understanding, this is because Dai Yongge made some major changes to the final transfer terms, which made the Genevra Associates fund suspicious of the acquisition.
The Genevra Associates fund was expected to gain exclusivity in Reading last week, but Dai’s latest request is believed to have delayed the process. Genevra Associates declined to comment Monday night.
The EFL board is due to hold its monthly meeting later this week, with Reading’s deepening crisis certain to be a topic at the meeting.
Under Dai Yongge, Reading has been deducted a total of 16 points in the past three seasons, and the team is currently in the relegation zone of English League One. They were knocked out of the FA Cup by non-League side Eastleigh on Sunday, and Reading also defaulted on wages to club staff last week. However, it is understood that some staff have received their wages on Monday.
The club’s director of football operations, Mark Bowen, spoke to ITV ahead of the FA Cup tie against Eastleigh and confirmed he had given up his wages. Bowen said: “The club does not have enough money to pay everyone full wages this month. The CEO decided to pay the players first to prevent us from being deducted points again; other staff are paid a proportion of wages. “
“Myself and head coach Reuben (Sellers) have decided that we will not take full wages until the staff are paid in full. We were told that the funds would be available and everything would be sorted out early next week. “