Anyone For Chinese?

[CountryRoyal]

His wife and sister??

Surprised they didn't try to buy Norwich instead.

[TFF]

Here is the article. Doesnt say much we didn't already know tbf.

Red flags were raised over Reading FC’s Chinese suitors Premier League probed Dai family’s finances during bid for Hull City. Reading are third in the Championship, with strong hopes of securing promotion to play in the Premier League next season The prominent Chinese businesspeople behind a proposed takeover of Reading Football Club were previously subject to a Premier League investigation that raised “red flags” over their commercial background. Earlier this month the English Football League, the governing body for the country’s lower professional divisions, provisionally cleared the acquisition of Reading by Dai Yongge and sister Hawken Xiu Li. Chinese companies have invested in or acquired more than a dozen European football clubs during the past year, including Manchester City, Inter Milan and Aston Villa — a spending spree that followed President Xi Jinping’s call to transform the country into a football superpower. The Dai family were also behind a recent bid for Premier League club Hull City. At the time, Mr Dai was quoted in the Daily Mail newspaper saying: “We have a love for the game and we want to learn about European football.” Their most high-profile investment is based on transforming unused air-raid shelters in China into shopping malls. The family’s main listed vehicle, Renhe Commercial Holdings, has a record of financial difficulties and related-party transactions that last year led rating agency Standard & Poor’s to describe its corporate governance as “weak”. Before the takeover of any club in England’s top tier, the Premier League undertakes an extensive review into a proposed owner’s finances before approving any transaction. According to people briefed on the deliberations over Hull City, Premier League investigators found a series of “red flags” related to the Dai family’s proposed takeover via a consortium. In particular, there were concerns that the acquisition involved offshore companies that made it difficult for the Premier League to understand the family’s sources of funding, or whether they had sufficient income to maintain a large football club. Hull City and the Dai family abandoned the deal before the investigation was completed. But the findings have been shared with the EFL after the Dais sought to acquire Reading, according to people close to the process. The family has satisfied the EFL that it is structuring its Reading deal in a different manner to the Hull City proposal, according to one person close to the club. This has allowed the EFL to announce last week that it has provisionally approved the takeover “subject to the agreement of a number of specific conditions” that have not been made public. The structure of the deal has not been shared with the Premier League, according to people with knowledge of the deliberations. Reading, the Premier League and the EFL declined to comment. Renhe did not respond to requests for comment. Attempts to reach the Dais through representatives and at a London address were unsuccessful. Reading lie third in the Championship, with strong hopes of securing promotion to play in the Premier League next season, which would secure the club a windfall of at least £100m in broadcasting rights. However, the club could be denied entry into the top division if the Premier League decides the new owners have not been fully transparent about their financial arrangements. The well-connected Dais listed Renhe in Hong Kong in 2008. Mr Dai is the chairman and controlling shareholder, while his son Dai Bin is an executive director and his wife and sister, Ms Hawken, are non-executive directors. Other board members include Wang Shengli, a retired veteran military officer and former air defence official. The Dais had to win approval from the military to turn disused bomb shelters into shopping malls, on the condition that they be vacated if war ever broke out, according to filings with the Hong Kong stock exchange. After a building spree left China with far too much retail space, Renhe’s finances were squeezed. In late 2015, it breached the covenants on a $300m syndicated loan, according to statements to the stock exchange. Related article Hull City FC bidder arrested in Hong Kong David Yip Chung Wai of GreaterChina Professional Services detained It put its malls up for sale but was unable to find a buyer, partly because it did not have full formal rights to transfer the real estate, which is ultimately under military control. Mr Dai stepped into the breach, buying the 23 completed and 11 under-construction malls for $1bn from his own company, in a deal approved by minority shareholders. Renhe’s only business now is operating eight agricultural wholesale markets, which were bought from a company controlled by the family in 2015 and are located on land leased from the family. S&P last year described the company’s financial policy as “negative” and its management and governance as “weak”. It warned that “Renhe would have difficulty borrowing from banks, or at the least face strict terms and conditions”. David Hinchliffe, a lawyer for Walker Morris in Leeds who has advised on many football club acquisitions, said, “it is important that these people get a fair press”. A UK company incorporated in November by the Dais — Renhe Sports Management — lists its registered office as being at the same address as Mr Hinchliffe’s law firm. But he declined to say whether or not the Dais are or had been clients, citing confidentiality requirements.

Jesus. People pay for this shit?

Paragraphs are free

[windermereROYAL]

Here is the article. Doesnt say much we didn't already know tbf.

Red flags were raised over Reading FC’s Chinese suitors Premier League probed Dai family’s finances during bid for Hull City. Reading are third in the Championship, with strong hopes of securing promotion to play in the Premier League next season The prominent Chinese businesspeople behind a proposed takeover of Reading Football Club were previously subject to a Premier League investigation that raised “red flags” over their commercial background. Earlier this month the English Football League, the governing body for the country’s lower professional divisions, provisionally cleared the acquisition of Reading by Dai Yongge and sister Hawken Xiu Li. Chinese companies have invested in or acquired more than a dozen European football clubs during the past year, including Manchester City, Inter Milan and Aston Villa — a spending spree that followed President Xi Jinping’s call to transform the country into a football superpower. The Dai family were also behind a recent bid for Premier League club Hull City. At the time, Mr Dai was quoted in the Daily Mail newspaper saying: “We have a love for the game and we want to learn about European football.” Their most high-profile investment is based on transforming unused air-raid shelters in China into shopping malls. The family’s main listed vehicle, Renhe Commercial Holdings, has a record of financial difficulties and related-party transactions that last year led rating agency Standard & Poor’s to describe its corporate governance as “weak”. Before the takeover of any club in England’s top tier, the Premier League undertakes an extensive review into a proposed owner’s finances before approving any transaction. According to people briefed on the deliberations over Hull City, Premier League investigators found a series of “red flags” related to the Dai family’s proposed takeover via a consortium. In particular, there were concerns that the acquisition involved offshore companies that made it difficult for the Premier League to understand the family’s sources of funding, or whether they had sufficient income to maintain a large football club. Hull City and the Dai family abandoned the deal before the investigation was completed. But the findings have been shared with the EFL after the Dais sought to acquire Reading, according to people close to the process. The family has satisfied the EFL that it is structuring its Reading deal in a different manner to the Hull City proposal, according to one person close to the club. This has allowed the EFL to announce last week that it has provisionally approved the takeover “subject to the agreement of a number of specific conditions” that have not been made public. The structure of the deal has not been shared with the Premier League, according to people with knowledge of the deliberations. Reading, the Premier League and the EFL declined to comment. Renhe did not respond to requests for comment. Attempts to reach the Dais through representatives and at a London address were unsuccessful. Reading lie third in the Championship, with strong hopes of securing promotion to play in the Premier League next season, which would secure the club a windfall of at least £100m in broadcasting rights. However, the club could be denied entry into the top division if the Premier League decides the new owners have not been fully transparent about their financial arrangements. The well-connected Dais listed Renhe in Hong Kong in 2008. Mr Dai is the chairman and controlling shareholder, while his son Dai Bin is an executive director and his wife and sister, Ms Hawken, are non-executive directors. Other board members include Wang Shengli, a retired veteran military officer and former air defence official. The Dais had to win approval from the military to turn disused bomb shelters into shopping malls, on the condition that they be vacated if war ever broke out, according to filings with the Hong Kong stock exchange. After a building spree left China with far too much retail space, Renhe’s finances were squeezed. In late 2015, it breached the covenants on a $300m syndicated loan, according to statements to the stock exchange. Related article Hull City FC bidder arrested in Hong Kong David Yip Chung Wai of GreaterChina Professional Services detained It put its malls up for sale but was unable to find a buyer, partly because it did not have full formal rights to transfer the real estate, which is ultimately under military control. Mr Dai stepped into the breach, buying the 23 completed and 11 under-construction malls for $1bn from his own company, in a deal approved by minority shareholders. Renhe’s only business now is operating eight agricultural wholesale markets, which were bought from a company controlled by the family in 2015 and are located on land leased from the family. S&P last year described the company’s financial policy as “negative” and its management and governance as “weak”. It warned that “Renhe would have difficulty borrowing from banks, or at the least face strict terms and conditions”. David Hinchliffe, a lawyer for Walker Morris in Leeds who has advised on many football club acquisitions, said, “it is important that these people get a fair press”. A UK company incorporated in November by the Dais — Renhe Sports Management — lists its registered office as being at the same address as Mr Hinchliffe’s law firm. But he declined to say whether or not the Dais are or had been clients, citing confidentiality requirements.

Gave up halfway though. painful on the eyes.

[Sutekh]

As previously mentioned, people pay to subscribe to this? It's appalling, seems to be a load of loosely related statements with no real flow. If that's the standard of journalistic writing at the FT then it's no wonder local online papers are so bad.

[Tommy Youlden's Ears]

I do pay for the FT (well, my employer does).

But not really for its coverage of Chinese interests in the EFL, which is not exactly its core purpose.

FT still maintains high journalistic standards, nothing like local tat.

The original did, of course, have paragraphs...

[Hound]

I'd rather read GetReading's 'web chat with J Low' than try to read through that lot again.

[royalp-we]

BBC Berks - Reading FC: Tiger wants to 'make the club stronger'
Royals part owner Sumrith Thanakarnjanasuth gives the latest on the ownership situation.
Often known as 'Tiger' one member of the Thai consortium which owns Reading FC explains why they are looking for new investment.
"We are not looking to sell," he told BBC Radio Berkshire's Andrew Peach. "We just want to make the club stronger.
"We need to find a partner where we can work together...we are not selling [all of it], just a part of it."
And Thanakarnjanasuth also gave an indication about why the potential new Chinese investors wanted to get involved.
"They have a desire on European and UK football, that's what they told us."

http://www.bbc.co.uk/programmes/p0514wsb

This bit made me chuckle

Tiger "Not sure what Lady Sasima means when she says we can't afford to run the club"

[The Royal Forester]

I am very confused having just listened to an interview with "Tiger"! He contradicted many things that "Lady Sas." said in her interview on the radio a couple of weeks ago.
Sorry, but I don't know how to post a link to it, but if you go to The Tilehurst End website, there is a link to the interview to BBCRB on the Peachy programme. If you listen and can make any sense of what is happening about the "takeover/non-takeover/investment/we are not selling the club", can you put this old fogie out his confused state of mind,---- please......

Ooops, bit late but, I would still be grateful if anyone could explain what is happening to our club.

[muirinho]

I am very confused having just listened to an interview with "Tiger"! He contradicted many things that "Lady Sas." said in her interview on the radio a couple of weeks ago.
Sorry, but I don't know how to post a link to it, but if you go to The Tilehurst End website, there is a link to the interview to BBCRB on the Peachy programme. If you listen and can make any sense of what is happening about the "takeover/non-takeover/investment/we are not selling the club", can you put this old fogie out his confused state of mind,---- please......

Ooops, bit late but, I would still be grateful if anyone could explain what is happening to our club.

I strongly suspect that Tiger wants to stay in and Lady Sasima wants to get out (of the football part anyway), and therefore what each of them are saying applies to them personally rather than the consortium as a whole.

I think we will end up with a new consortium, in which some, but not all, of our Thai investors will have a stake - almost certainly not the majority stake. that consortium might or might not involve the Chinese family that are currently highly interested.

Don't know about the third guy but Tiger always struck me as being the most interested in the football side of things - perhaps we currently have a conflict between those who are regarding the bottomless money pit that is Championship football with increasing horror, and those that are still committed, but are looking for extra help.

[Vision]

I am very confused having just listened to an interview with "Tiger"! He contradicted many things that "Lady Sas." said in her interview on the radio a couple of weeks ago.
Sorry, but I don't know how to post a link to it, but if you go to The Tilehurst End website, there is a link to the interview to BBCRB on the Peachy programme. If you listen and can make any sense of what is happening about the "takeover/non-takeover/investment/we are not selling the club", can you put this old fogie out his confused state of mind,---- please......

Ooops, bit late but, I would still be grateful if anyone could explain what is happening to our club.

I strongly suspect that Tiger wants to stay in and Lady Sasima wants to get out (of the football part anyway), and therefore what each of them are saying applies to them personally rather than the consortium as a whole.

I think we will end up with a new consortium, in which some, but not all, of our Thai investors will have a stake - almost certainly not the majority stake. that consortium might or might not involve the Chinese family that are currently highly interested.

Don't know about the third guy but Tiger always struck me as being the most interested in the football side of things - perhaps we currently have a conflict between those who are regarding the bottomless money pit that is Championship football with increasing horror, and those that are still committed, but are looking for extra help.

Doesn't Tiger have the biggest stake at 50% compared to Sassima and the other one's 25%?

[genome]

I don't think Lady Sasima ever got over being booed by 4,000 Leeds fans.

[muirinho]

I don't think Lady Sasima ever got over being booed by 4,000 Leeds fans.

She knitted a Royal Blue scarf for herself for the FA Cup semi-final - that's true love shirley!

[maffff]

Doesn't Tiger have the biggest stake at 50% compared to Sassima and the other one's 25%?

Narin took on Samrit's share.

Tiger has 25%.

[Vision]

Doesn't Tiger have the biggest stake at 50% compared to Sassima and the other one's 25%?

Narin took on Samrit's share.

Tiger has 25%.

Ahh ok Cheers. I knew one of them had half the shares. Unfortunately he's the one who hasn't said anything yet (that I've seen anyway).

[M U R T Y]

Help me out here.....

The Thai's want to sell a stake, thought to be 75%, but now unknown amount in Reading FC to the Yongge's. This only relates to the football part of the company though, not the entire holdings, which also includes the land around the stadium which will make up Royal Elm Park.

So have RFC sold that land and now completely separate to the football club? Or does the development have any benefit to the club?

Or have the Thai's simply split up the clubs assets so that they can keep the profitable element separate, sell on the rest and leave RFC in a much worse position (from an asset point of view) going forward?

[muirinho]

Help me out here.....

The Thai's want to sell a stake, thought to be 75%, but now unknown amount in Reading FC to the Yongge's. This only relates to the football part of the company though, not the entire holdings, which also includes the land around the stadium which will make up Royal Elm Park.

So have RFC sold that land and now completely separate to the football club? Or does the development have any benefit to the club?

Or have the Thai's simply split up the clubs assets so that they can keep the profitable element separate, sell on the rest and leave RFC in a much worse position (from an asset point of view) going forward?

The bit that owns the club have definitely sold the land to the bit that is doing the development. for £15million I think? Which is market price for the undeveloped land. You could say ReadingFC were sitting on a goldmine with the land - but they never had the money to invest in it, so it wasn't much use to them as it was. But yes, from an asset point of view they have less assets now than they did before.

The company structure is complicated, and I can't quite get my head around it. It did look in one bit of the accounts that the club had a stake in REP, but I could have that entirely wrong. It would be nice if they did, but even if that is true right now, I suspect it would change with whatever new structures come into place with takeovers etc

It is going to cost an awful lot of money up front to do the development - it may still all go horribly wrong. What if the conference centre is a permanent drain on profits for instance. So from a risk point of view, it may be better to have the two entities completely separate.

I guess the Thais have added assets to the club as well by buying Bearwood. Although that's low in comparison to what has been sold.

[royalp-we]

Put simply. Yes.

BUT they are continuing in being shareholders of the footbal side; which includes developing other assets such as the training ground, academy, stadium and staff. That's why they are seeking Chinese investment.

I'm struggling to see how a gravel level car park is such an asset. Consequently by building REP, this is going to provide a community around the stadium, for generations to come, which I fail to see how a gravel car park would provide.

If you know of anyone else with £500m to develop the area, do tell?

[M U R T Y]

Land is an asset I guess, and the Thais, as owners have every right to sell the land (to themselves). I'm just uncomfortable that the club was given that land by RBC (IIRC) as a club & community asset. Is it right that the thais have essentially sold that off for their own private gain?

[M U R T Y]

http://www.bbc.co.uk/news/uk-england-berkshire-39730422

Appears the council think it'll be of benefit - but dont give any specifics

[pwb]

Land is an asset I guess, and the Thais, as owners have every right to sell the land (to themselves). I'm just uncomfortable that the club was given that land by RBC (IIRC) as a club & community asset. Is it right that the thais have essentially sold that off for their own private gain?

From what i remember, RBC sold the land to RFC for a £1 and then RFC had to stump up the cost for cleaning up the site, which cost millions , as it was a land fill site.