Reading crisis goes on after former chairman’s takeover bid is rejected
Former Reading chairman Roger Smee says he is “sad” that his takeover bid to prise the club from unpopular owner Dai Yongge has been rejected.
City PM revealed last month that the 76-year-old property tycoon, who also played for Reading in the 1960s and 1970s, was putting together a rescue package.
Smee also expressed his disappointment that details of his bid for the financially stricken League One club had now been made public.
“After many months of diligently preparing a structured and connected bid in alliance with many of the town’s key local stakeholders, I’m disappointed that news of my bid has been leaked to the media,” Smee said.
“I am respectful of the owner and the sale process and wanted my interest to remain private.
“In response to these claims in the media, I reluctantly feel I have to comment. I confirm that my team submitted a carefully considered bid last week.
“I believe it was firmly competitive with previous proposals that had been entertained and publicly granted exclusivity. At this stage, I am not prepared to divulge the details of our bid, again in respect of the owners, their ongoing process, the club and its dedicated fans.
“I confirm the motivation for my interest is solely the future for Reading Football Club, ensuring it continues to play at its highest level, playing an integral role in the town’s sporting and cultural community.
“Disappointingly, after more than a year of a full working team, with no public leakage of our efforts, my efforts have appeared in the press. This is not what I wanted and helps no one.
“I am equally sad to tell you my bid has been rejected.”
Smee is already a hero among older fans for helping to block Robert Maxwell’s proposal to merge the club with Oxford United when he was on the board in the 1980s.
He became Reading chairman after ousting Maxwell, before selling up to John Madejski in 1990 with the club in financial difficulties.
With Reading’s cash-flow problems approaching crisis point, Smee held initial talks about funding a takeover.
Reading have been on the market for over a year but Yongge has been unable to sell, partly due to a number of outstanding loans the Chinese businessman has taken out which are secured against the club’s stadium.
A £25m sale to former Wycombe owner Rob Couhig was agreed last summer but collapsed in September and the club now face a struggle to meet their operating costs for the rest of the season.
A £5m loan from Couhig was repaid by Yongge in September, leaving Reading short of funds to pay the wages of players and staff.