Reading FC action group react as Dai Yongge rejects takeover bid | OneFootball

The Sell Before We Dai group have given their reaction to news that Roger Smee's bid to buy Reading has been rejected.

The Sell Before We Dai group have released a statement to express their concern that former Reading chairman Roger Smee's bid to buy the club has been rejected by owner Dai Yongge.

Smee, who also spent time as a player at Reading, released a statement on Tuesday morning to confirm that what he described as "a structured and connected bid in alliance with many of the town's key local stakeholders" had been turned down by Yongge.

The 76-year-old is the second interested party to fail to reach a deal with Yongge in recent months after former Wycombe Wanderers owner Rob Couhig's attempt to buy the club collapsed at the last minute in September.

Reading confirmed last month that negotiations are ongoing with an unnamed potential buyer, who is currently in a period of exclusivity with Yongge, and while they admitted it was a "complicated and lengthy process", they insisted that both parties remain committed to completing a deal as soon as possible.

Despite the ongoing off-field turmoil, it has been an excellent start to the season for the Royals on the pitch, and Ruben Selles' side currently sit seventh in the League One table, level on points with the play-off places.

The Sell Before We Dai group have long called for an end to Yongge's nightmare reign, and they took to social media to question why two experienced football operators in Couhig and Smee have both had bids to buy the club rejected.

"We've said it before and we'll say it again - it's hugely positive that Reading Football Club is attracting so much interest from credible buyers... but what we really need is interest converting into investment," the group said in a statement posted on X.

"In the past two weeks, two men with experience of running football clubs - Rob Couhig and Roger Smee - have declared their interest in buying Reading Football Club and both believe they have submitted bids that represent market value. Both of these bids have been rejected.

"Obviously there are two sides to every story, but this presents a few schools of thought. Being optimistic, if the club are rejecting credible bids out of hand, there must be growing confidence that the 'mystery bidder' is progressing positively, if not at pace.

"Being less optimistic, it means we are relying on Dai Yongge and his associates to get a deal done, with a bidder we know nothing about, before our club is unable to meet its financial obligations.

"Points deductions, selling top talent without the means to replace them and entering administration would all detract from the club's value to any bidder. We see no reason why Dai Yongge would want this to happen, but we can imagine the fans of KSV Roeselare and Beijing Renhe had similar thoughts.

"We would love the club - as promised - to clarify why this latest bid was rejected, but would also like to call on the EFL to lend their voice to the situation. How many more credible bids can be rejected without communication with the fans?"

During Smee's spell as Reading chairman, the club reached Wembley for the first time and achieved promotions from the Fourth and Third Division, so there is no doubt that he was a credible bidder, and supporters are understandably frustrated that his offer to buy the club has been rejected by Yongge.

The Royals have had a total of 18 points deducted, suffered relegation to League One and experienced many more off-field issues during Yongge's tenure, so the fan base are desperate to see him agree a deal to sell the club, but with so little known about the party currently in exclusivity talks, it is difficult to be too optimistic about the situation.

With no end in sight to the ownership uncertainty, there could be further bad news on the horizon for Reading as Championship duo Hull City and Cardiff City are both said to be interested in manager Selles, and losing the Spaniard would be a huge blow for the Berkshire side.