And although many Reading supporters were hopeful that the ownership’s misdemeanors would end while other parties were in takeover negotiations, it seems that Chinese tycoon Yongge has once again neglected to pay his payments on schedule.
Reading has once again been placed under an embargo for violating regulation 17.3, which is related to failing to pay delinquent tax to HMRC, according to the EFL’s embargo reporting service.
This is not the first time Yongge has failed to do this season; at the end of October, the club received a winding-up petition for yet another late payment; however, a week later, the bill was paid in full, resulting in the case being abandoned.
However, it is evident that Yongge has missed his payment deadline once more. It is possible that he is withholding the taxes that the club owes in order to pay his salaries, which are due at the end of the week.
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The most recent information will only serve to fuel the ire directed towards Yongge’s ownership of the club, which has now lasted for six and a half years and has been marred by rule violations and, more recently, non-payment of bills and wages.
Due to Yongge’s excessive spending in the initial years after taking over in 2017, the club was subject to sanctions, which included points deductions and transfer restrictions. These measures have persisted into the current season, with the Royals having already lost four points from their League One total.
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Reading will also be severely limited in their activity throughout the upcoming transfer window and the summer due to the fact that they are unable to pay any transfer fees or loan fees for new players until January 2025 due to their past late and unpaid tax payments.
That will not sit well with the club’s prospective new owners, Genevra Associates, a hedge group based in Luxembourg, who are expected to be given first dibs on the Berkshire outfit.
Genevra, who have Talal Al-Hammad, the former chairman of Wigan Athletic, as a general partner, are reportedly close to inking a deal to become Yongge’s preferred party of choice. After that, they will have a certain amount of time to finalize the deal and have it approved by the EFL, according to James Earnshaw of the Reading Chronicle.
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