| Can Reading survive much more? on 11:09 - Mar 15 with 944 views | Steve_M |
| Can Reading survive much more? on 12:06 - Mar 14 by Illinoisblue |
If there’s laundry to be done, football is seemingly the place to do it. |
One of the places to do it sadly. |  |
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| Can Reading survive much more? on 12:41 - Mar 15 with 878 views | Cheltenham_Blue |
| Can Reading survive much more? on 14:42 - Mar 14 by xrayspecs |
Not sure if it is asset stripping, more incompetent ownership. The current owner has invested £160m into the club, money he is not going to see again.
If you look at their wage bill (£25-35m per season), transfer spending (net £25m over four seasons 2017/2018 to 2020/21) against their average income (£17m), then no wonder they have been losing so much money (£100m in last three seasons for which accounts have been published). Hence points deductions.
The January transfer sales (£4m) and training ground sale (I had heard a lot less than the figure quoted on here) seem to be simply to be able to pay their bills to the end of the season.
Sad state of affairs. [Post edited 14 Mar 14:44]
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"The current owner has invested £160m into the club, money he is not going to see again." is very much the 'Marcus Evans Defence' that we saw regularly on this board.
Ownership of an EFL football club and the regular servicing of its debt go hand in hand, its very much a pre-requisite of ownership in the current climate, and new owners of clubs do so with that being made very clear to them, its not done out of the goodness of their heart, its done because that's what is required if they want to continue, being the head at the top of a football club with al the adulation it brings.
This all comes down to the EFL's 'fit and proper persons' checks, Checks which yet again have allowed a buyer with a track record of poor decisions and which failed to be alarmed at the sinking of two previous clubs, before allowing a clearly unfit unfit person to complete the sale. |  |
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| Can Reading survive much more? on 12:42 - Mar 15 with 876 views | Waig |
| Can Reading survive much more? on 09:57 - Mar 15 by LeBlue |
A friend of mine is a coach for their academy sides.
It is a complete and utter shambles of a club. The training ground looks superb from the outside but the equipment, or lack of, is non-league.
They have no clear pathway for youth talent and often flog off anyone with a chance of making it at the first opportunity.
Absolute zero investment in anything long term. |
My daughter had a trial for Reading FC u12 last summer, but the minute they were relegated the women’s side had the plug pulled on them and had to revert back to semi pro. I mean that’s just the tip of the iceberg really, living with two Reading fans while I dance around happy as Larry right now also isn’t great |  | | |
| Can Reading survive much more? on 12:55 - Mar 15 with 848 views | xrayspecs |
| Can Reading survive much more? on 12:41 - Mar 15 by Cheltenham_Blue |
"The current owner has invested £160m into the club, money he is not going to see again." is very much the 'Marcus Evans Defence' that we saw regularly on this board.
Ownership of an EFL football club and the regular servicing of its debt go hand in hand, its very much a pre-requisite of ownership in the current climate, and new owners of clubs do so with that being made very clear to them, its not done out of the goodness of their heart, its done because that's what is required if they want to continue, being the head at the top of a football club with al the adulation it brings.
This all comes down to the EFL's 'fit and proper persons' checks, Checks which yet again have allowed a buyer with a track record of poor decisions and which failed to be alarmed at the sinking of two previous clubs, before allowing a clearly unfit unfit person to complete the sale. |
The post I responded to claimed the owner was an asset stripper. The accounts do not support that claim. Even if he pockets some of the proceeds from the ground sale, he is not going to remotely recover the majority of what he has invested.
Incompetence, yes, asset stripping, no. | | | |
| Can Reading survive much more? on 12:58 - Mar 15 with 841 views | Cheltenham_Blue |
| Can Reading survive much more? on 12:55 - Mar 15 by xrayspecs |
The post I responded to claimed the owner was an asset stripper. The accounts do not support that claim. Even if he pockets some of the proceeds from the ground sale, he is not going to remotely recover the majority of what he has invested.
Incompetence, yes, asset stripping, no. |
OK, so was there a point to your referencing him putting in £160m and never seeing it again? | |
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| Can Reading survive much more? on 13:34 - Mar 15 with 784 views | tractorboy1978 |
| Can Reading survive much more? on 12:55 - Mar 15 by xrayspecs |
The post I responded to claimed the owner was an asset stripper. The accounts do not support that claim. Even if he pockets some of the proceeds from the ground sale, he is not going to remotely recover the majority of what he has invested.
Incompetence, yes, asset stripping, no. |
Motives can change. | | | |
| Can Reading survive much more? on 13:54 - Mar 15 with 732 views | xrayspecs |
| Can Reading survive much more? on 12:58 - Mar 15 by Cheltenham_Blue |
OK, so was there a point to your referencing him putting in £160m and never seeing it again? |
Yes. The point of asset stripping is to make money. The owner is already £160m out of pocket, which is not the action of someone who is trying to appropriate assets for financial gain. Hence incompetence. | | | |
| Can Reading survive much more? on 23:48 - Mar 15 with 594 views | davblue |
| Can Reading survive much more? on 10:23 - Mar 15 by itfc_bucks |
My boy is on the books at Wycombe. The club are on the cusp of a major investment and the chance to bag a properly class training ground for a pittance is exciting the whole background of the club.
Tough toots for Reading. |
How does that work as they don’t have an academy? Do you pay for him to train?
There’s quite a few boys in my boys age group who they’ve hovered up, but they don’t play many games.
Not a dig, genuinely interested. |  | | |
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| Can Reading survive much more? on 07:59 - Mar 16 with 491 views | itfc_bucks |
| Can Reading survive much more? on 23:48 - Mar 15 by davblue |
How does that work as they don’t have an academy? Do you pay for him to train?
There’s quite a few boys in my boys age group who they’ve hovered up, but they don’t play many games.
Not a dig, genuinely interested. |
That's it exactly. Similar to how they set up with Towns community trust - the boys play matches against academy academy sides in school holidays.
The standard of coaching is pretty decent and it seems that most boys use it as a stepping stone to cat 1/2 academies.
Bucks Jnr has done well in his first year and development nicely. Trials already teed up with Arsenal, Chelsea and Palace and also waiting on a date from Spurs. | | | |
| Can Reading survive much more? on 08:07 - Mar 16 with 478 views | Mercian |
| Can Reading survive much more? on 11:42 - Mar 14 by SouthfieldsBlue |
Problem is its quote a unique situation in many respects. The current owner simply doesn't care if the club/asset survives, and can't be induced to sell.
Point deductions are normally actually effective as they put the hurry up on the sales process, but clearly doesn't here.
Government lacks levers of any sort either, we can't go around seizing businesses just because they are badly run/being asset stripped. But this does just point to the demise of the club. |
At least Marcus Evans kept us solvent. We moan about him a lot but there are much worse owners than he was. | | | |
| Can Reading survive much more? on 08:08 - Mar 16 with 474 views | Kievthegreat |
| Can Reading survive much more? on 13:54 - Mar 15 by xrayspecs |
Yes. The point of asset stripping is to make money. The owner is already £160m out of pocket, which is not the action of someone who is trying to appropriate assets for financial gain. Hence incompetence. |
It's not unusual when a business is going to the wall for owners to strip anything of value before letting the husk die. Asset stripping can be done to minimise losses as well as maximise profits. |  | | |
| Can Reading survive much more? on 08:24 - Mar 16 with 461 views | BanksterDebtSlave |
| Can Reading survive much more? on 09:44 - Mar 15 by Ryorry |
How incredibly depressing for their fans, feel for them & their local community.
By some freaky coincidence, about 3 nights ago I had a kind of "flashback to Evans" nightmare, in which myself & a friend were on a shocker of a journey trying to get to the Madejski stadium for an away game. Train broke down or something, then a bus, & we had to resort to fruitlessly trying to flag down a taxi! Quite symbolic really. |
Sorry about that Ryorry I was on my way to another pick up. |  |
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| Can Reading survive much more? on 08:35 - Mar 16 with 446 views | MattinLondon |
| Can Reading survive much more? on 08:07 - Mar 16 by Mercian |
At least Marcus Evans kept us solvent. We moan about him a lot but there are much worse owners than he was. |
Keeping a company or club in business is the very minimum I expect from an owner - he doesn’t any credit for that. |  | | |
| Can Reading survive much more? on 09:45 - Mar 16 with 415 views | xrayspecs |
| Can Reading survive much more? on 08:08 - Mar 16 by Kievthegreat |
It's not unusual when a business is going to the wall for owners to strip anything of value before letting the husk die. Asset stripping can be done to minimise losses as well as maximise profits. |
Reading are in advanced talks to sell the club to an American group. Either the proceeds of the training ground sale are included in the transaction and reflected in the price, or they are not. It will be a zero sum game.
Reports from Reading are that the club needed to find £1m to cover March wage bill so this looks more like a fire sale to keep the club running than an asset strip.
Imho. [Post edited 16 Mar 9:47]
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| Can Reading survive much more? on 10:02 - Mar 16 with 400 views | Cheltenham_Blue |
| Can Reading survive much more? on 08:07 - Mar 16 by Mercian |
At least Marcus Evans kept us solvent. We moan about him a lot but there are much worse owners than he was. |
When you look at the money the new owners have had to pour in just to repair the infrastructure of the ground and training ground, before even making any improvements.
Not to mention the direction the club was heading in (League two), then I simply cannot understand how any Town fan can defend that charlatan. | |
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| Can Reading survive much more? on 15:51 - Mar 16 with 325 views | davblue |
| Can Reading survive much more? on 07:59 - Mar 16 by itfc_bucks |
That's it exactly. Similar to how they set up with Towns community trust - the boys play matches against academy academy sides in school holidays.
The standard of coaching is pretty decent and it seems that most boys use it as a stepping stone to cat 1/2 academies.
Bucks Jnr has done well in his first year and development nicely. Trials already teed up with Arsenal, Chelsea and Palace and also waiting on a date from Spurs. |
Ah good news, wish him all the best in his trials! | | | |
| Can Reading survive much more? on 15:57 - Mar 16 with 311 views | Kievthegreat |
| Can Reading survive much more? on 09:45 - Mar 16 by xrayspecs |
Reading are in advanced talks to sell the club to an American group. Either the proceeds of the training ground sale are included in the transaction and reflected in the price, or they are not. It will be a zero sum game.
Reports from Reading are that the club needed to find £1m to cover March wage bill so this looks more like a fire sale to keep the club running than an asset strip.
Imho. [Post edited 16 Mar 9:47]
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Or a negotiation tactic? Hurry up and buy us or we'll have to sell the training ground. | | | |
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