READING FC owner Dai Yongge has been fined £20,000 by an Independent Disciplinary Committee for misconduct after failing to deposit 125% of the club’s monthly wage bill.
After failing to pay staff on time on numerous occasions, the EFL charged the Royals owner with misconduct with the order of an Independent Disciplinary Commission after he failed to deposit the amount into a designated bank account.
Despite the EFL pushing for Dai Yongge to recieve a ban from all football related activity, the Independent Displinary Commission chose to fine the Royals owner.
A statement released by the EFL reads: “The matter was referred by the League to an independent Disciplinary Commission in accordance with its Regulations and at the hearing, which took place on 23 November 2023, the EFL put forward that Mr Dai should be disqualified from all football activity, including ownership and control, for a period of 12 months.
“In its submissions, the EFL also made it clear that it did not feel a sporting sanction against the Club was appropriate in this case as this was direct action being taken against the owner.
“On review of all the arguments, the independent Commission were ‘unimpressed’ by Mr Dai’s failure to provide detailed evidence as to the ongoing reasons for failure to pay and as to his future intentions but felt a disqualification would not achieve the immediate objective of sourcing the required funds for the deposit account. “
Yongge is currently in talks with parties over the sale of the club which has been ongoing for the past couple of months.
However, talks have stalled in recent weeks after the proposed sale to Genevra Associates was put on hold after conditions of the deal were reportedly changed late on.
The statement continues: “Therefore, the Independent Commission has determined that Mr Dai be fined £20,000 with a further £50,000 suspended and to be activated on 12 January 2024 unless the required deposit is made in full. In addition, Mr Dai is required to maintain the deposit at the levels set out previously until, at the earliest, 31 August 2024.
“It is clear that the Commission are critical of his handling of matters labelling it a ‘serious case ‘and ‘deliberate misconduct.’
“It is hoped this latest financial sanction, and the threat of further monetary penalties will bring a resolution to the short-term issue of funding the deposit account, which in turn should provide some re-assurance to the management, staff, and players at the Club, who continue to act as outstanding ambassadors for Reading FC, despite the challenging circumstances.
“The League will have no hesitation in bringing further charges against Mr Dai if he fails to comply with the Commission’s directive and is also ready to support the Club in quickly progressing a change of control at the Club once a purchaser has been identified.”
