Ex- Southampton manager strongly criticizes Reading’s owner over “financial mismanagement”.

Charlton Athletic part-owner and former Sunderland chief Charlie Methven has slammed the financial mismanagement of Reading’s board amidst a turbulent time for the club.

It was reported late on Monday by journalist Anthony Smith that the Royals were set to enter administration and that the administrators would be in before the end of the week, piling on misery for fans of the club.

Reading have already received a four-point deduction following relegation from the Championship after the owners failed to pay the HMRC on time on numerous occasions.

However, as was first reported by The Telegraph two weeks ago, a third transfer embargo was also slapped on the club for, once again, failing to pay the HMRC on time and Reading were facing a third points deduction of the campaign if staff and player wages weren’t paid by Friday, the 29th September.

Fortunately, player and staff wages were submitted by the deadline and so Reading avoided a further deduction of points, but now, as per Anthony Smith, the club is set to enter administration over the coming days.

Speaking on the Where’s The Money Gone? Podcast, Addicks part-owner Charlie Methven has slammed the mismanagement of the former Premier League side under the ownership of Dai Yongge [quotes via Football League World]:

 

“It is actually a genuine tragedy for which the fans hold, in my view, absolutely no blame whatsoever.

 

“Obviously, they enjoyed their very good times under John [Madejski] and appreciated the way in which the club developed but I think, from my observation and many conversations, Reading fans were perfectly content to understand that the Championship or top-end of League One is probably more likely their historical place in the food chain.

“It was nothing to do with being over-demanding or anything like that. This has been just an absolutely, disastrously, financially mismanaged club.”

 

As was reported by The Telegraph, there are suitors interested in purchasing the club from Dai Yongge, but The Athletic revealed that the Chinese businessman is looking for around £70-80 million to sell the club.