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Dai Yongge

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Not to be confused with the Rugby Player, Dai Young.

Dai Yongge
戴永革
Born
Dai Yongge

Harbin, Heilongjiang, China
NationalityChinese
Occupation(s)Entrepreneur, investor

Dai Yongge (Chinese: 戴永革; pinyin: Dài Yǒnggé) is a Chinese businessman and entrepreneur. He is the current owner of English football club Reading and former owner of defunct Chinese football club Beijing Renhe.

Business

Dai is currently the executive chairman of Renhe Commercial Holdings Company Limited, a listed investment holding company which specialises in the operation of shopping centres transformed from air-raid shelters. The family-owned firm opened its first centre in 1992, and, by 2016, the firm had 23 malls.[1] A year later, the company had centres in 30 cities across China, including Harbin, Guangzhou, Wuhan and Shenyang.[2]

Dai's sister and business partner, Dai Xiuli, was once one of the richest women in the world, with an estimated fortune of $1.2bn (£715m).[1] In 2017, she stepped back from the business and her controlling stake in Renhe was transferred to her brother as a free gift.[1]

Football

The siblings' interest in football is reported to have begun in the early 2000s when Dai Xiuli lived in England and watched Chinese defender Sun Jihai play for Manchester City.[1] In 2007, they acquired Chinese club Shaanxi Baorong Chanba, relocating it to Guizhou in 2012 and then to Beijing in 2016, becoming Beijing Renhe.[1] The club later folded, having previously competed in China League One.[citation needed]

In August 2016, the pair launched an attempted £130m takeover of English Premier League club Hull City.[3] Unsuccessful with that bid, in May 2017, Renhe bought 75% of the shares in English club Reading, after the Football League announced that it had no objections to the group's takeover.[4][5]

In June 2017, it was announced that Dai had contacted Johan Plancke, chairman of Belgian club KSV Roeselare, to recruit two coaches to train Chinese youth coaches during an internship planned for August of the same year.[6] Like Beijing Renhe in China, KSV Roeselare also folded following relegation and financial difficulties.[7]

Reading's expenditure resulted in the club breaching EFL Financial Fair Play rules; over five years, the club reported pre-tax losses of £146m, way beyond the EFL's limit of a £13m annual pre-tax loss. In 2021, the club spent 234% of its revenue on player wages. In total, since taking ownership, Dai Yongge has invested more than £200m in the club, but has also found it increasingly difficult to transfer money from China to the UK.[7]

In May 2023, Reading were relegated, after 10 years in the English second tier,[8] having suffered a six point deduction for financial irregularities. In June 2023, Reading was charged by the EFL with failing to pay its players on time and in full, in October and November 2022, and April 2023,[9] and with non-payment of taxes.[10] Reading would start their 2023–24 League One season with points already deducted.[11] Following the EFL's action, Reading fans groups urged owner Dai Yongge to sell the club as soon as possible, calling his stewardship "an unmitigated disaster"[12] and citing the club's "excruciating financial losses": £146m in the five years to June 2022.[1] On 27 June 2023, Reading were served a winding-up petition by HMRC over the unpaid tax bills,[13] with a hearing set for 9 August 2023.[14] On 2 August 2023, Dai Yongge was reported to be seeking new investors to bring financial stability to the club.[15]

On 16 August 2023, Reading had a point deducted (their third deduction in three consecutive seasons), and a further three-point deduction suspended, for its failures to pay players fully and on time during the 2022–23 season. Dai Yongge was ordered to pay 125% of the club's forecast monthly wages into a designated account. Failure to comply, or not paying wages on time up to 30 June 2024, would activate the suspended penalty;[16] the three-point deduction was applied on 13 September 2023, dropping Reading to 21st in the table on two points,[17] and Dai Yongge faced a misconduct charge.[18]

On 29 September 2023, Dai Yongge said he was open to "credible offers of interest" to buy the club after another transfer embargo was imposed in respect to an outstanding tax bill.[19] A 3–2 home defeat by Portsmouth on 28 October 2023 dropped the club to the bottom of League One on six points, eight from safety;[20] the match was preceded by a fans protest against Dai Yongge's ownership.[21] On 31 October 2023, the club was served another HMRC winding-up petition over unpaid taxes.[22] On 1 November 2023, Reading were referred to an EFL independent disciplinary commission regarding unpaid HMRC debts owed in September and October 2023; an EFL hearing against Dai Yongge was scheduled for the end of November.[23] Dai Yongge was fined £20,000 for Reading's wage failures on 19 December 2023. The EFL had recommended a 12-month ban from all football activities, but the disciplinary commission did not enforce it. A further £50,000 fine was suspended until 12 January 2024,[24] and was triggered after Dai Yongge again failed to make the required full wage deposits. On 13 January 2024, Reading's League One match against Port Vale was halted and subsequently abandoned after up to 1,000 fans invaded the pitch in protest against Dai Yongge's stewardship of the club.[25] On 15 January 2024, after fining Dai Yongge £50,000 for failing to meet wage deadlines, the EFL said he must "fund the club adequately" or "make immediate arrangements to sell".[26] On 16 January 2024, Reading CEO Dayong Pang said that, after two unsuccessful offers, Dai Yongge was "100% willing to sell the club" and "the selling process is ongoing".[27] On 10 March 2024, Dai Yongge announced his plans to sell Reading's training ground Bearwood Park to raise funds for the maintenance of the club. [28] The sale of the training ground was widely reported to have ended ongoing interest in the attempted sale of the club.[29]

References

  1. ^ a b c d e f White, Marcus (11 July 2023). "Dai Yongge profile: Who is the Chinese tycoon who owns Reading FC?". BBC Sport. Retrieved 11 July 2023.
  2. ^ "Renhe Commercial Holdings Co Ltd (1387.HK)". Reuters. Retrieved 9 June 2017.
  3. ^ Bland, Ben; Ahmed, Murad (21 April 2017). "Red flags were raised over Reading FC's Chinese suitors". Financial Times. Retrieved 9 June 2017.
  4. ^ "Reading FC takeover by Chinese investors approved by the English Football League". Independent. 17 May 2017. Retrieved 9 June 2017.
  5. ^ Low, Jonathan (16 May 2017). "Reading FC takeover completed as Chinese investors become majority shareholders". Get Reading. Retrieved 9 June 2017.
  6. ^ "CHINESE CLUB ZOEKT BELGISCHE JEUGDTRAINERS". Voetbal Belgie. 2 June 2017. Archived from the original on 6 June 2017. Retrieved 23 June 2017.
  7. ^ a b Coombes, Lewis (25 July 2023). "Reading FC: The rise and fall of a club and its elusive owner". BBC Sport. Retrieved 25 July 2023.
  8. ^ "Reading relegated: Huddersfield win sends Royals down to League One". bbc.co.uk. BBC Sport. 4 May 2023. Retrieved 4 May 2023.
  9. ^ "Reading face three EFL charges for failing to pay players on time and in full". BBC Sport. 16 June 2023. Retrieved 16 June 2023.
  10. ^ "Reading: English Football League adds non-payment of tax to transfer embargo". BBC Sport. 23 June 2023. Retrieved 26 June 2023.
  11. ^ Fisher, Ben (16 June 2023). "Reading face new points deduction after failing to pay players' wages three times". The Guardian. Retrieved 16 June 2023.
  12. ^ "Reading FC: Fan groups unite to demand owner Dai Yongge sells the club". BBC Sport. 21 June 2023. Retrieved 22 June 2023.
  13. ^ "Reading: HMRC lodges winding-up petition against League One Club". BBC Sport. 27 June 2023. Retrieved 27 June 2023.
  14. ^ "Reading FC: League One club due in court on 9 August over unpaid tax". BBC Sport. 10 July 2023. Retrieved 11 July 2023.
  15. ^ "Reading FC: Owners looking for new investors to provide financial stability". BBC Sport. 2 August 2023. Retrieved 2 August 2023.
  16. ^ "Reading deducted one point by EFL for failing to pay players on time and in full". BBC Sport. 16 August 2023. Retrieved 16 August 2023.
  17. ^ "Reading FC: League One club docked three points for failing to deposit wages". BBC Sport. 13 September 2023. Retrieved 14 September 2023.
  18. ^ "Reading owner Dai Yongge charged by EFL for failing to deposit wages". BBC Sport. 20 September 2023. Retrieved 20 September 2023.
  19. ^ "Reading: League One club's Chinese owner open to 'potential sale' of Royals". BBC News. 29 September 2023. Retrieved 29 September 2023.
  20. ^ "Reading 2-3 Portsmouth". BBC Sport. 28 October 2023. Retrieved 30 October 2023.
  21. ^ "Reading FC fans stage protest against owner Dai Yongge". BBC News. 29 October 2023. Retrieved 30 October 2023.
  22. ^ "Reading: HMRC lodges second winding-up petition of year against League One club". BBC Sport. 31 October 2023. Retrieved 31 October 2023.
  23. ^ "Reading FC: Club to face EFL disciplinary panel over missed HMRC payments". BBC Sport. 1 November 2023. Retrieved 3 November 2023.
  24. ^ "Dai Yongge: Reading owner fined £20,000 for failing to deposit wages". BBC Sport. 19 December 2023. Retrieved 19 December 2023.
  25. ^ "Reading match abandoned as fans occupy pitch in protest against owner". The Guardian. 13 January 2024. Retrieved 13 January 2024.
  26. ^ "Reading owner Dai Yongge told to either fund or sell club by EFL". BBC Sport. 15 January 2024. Retrieved 15 January 2024.
  27. ^ "Dai Yongge: Reading owner remains '100% willing' to sell, says CEO Dayong Pang". BBC Sport. 16 January 2024. Retrieved 17 January 2024.
  28. ^ "Reading FC Bearwood Park training ground could be sold". BBC. 10 March 2024. Retrieved 10 March 2024.
  29. ^ "Wycombe to purchase Reading's training ground Bearwood Park". The Athletic. Retrieved 14 March 2024.
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