Exclusive: Unpopular Chinese billionaire accused of ‘running Reading FC into the ground’ revealed as King Charles’s neighbor, having acquired a multimillion-pound mansion in London. Dai Yongge, 55, infamous for his role in the decline of Reading FC, resides near Buckingham Palace in a residence valued at nearly £100 million. Despite criticism for financial mismanagement leading to transfer embargoes and points deductions, Dai’s opulent London lifestyle, including a ten-meter swimming pool and lavish amenities, raises eyebrows.
Dai, a retail tycoon, made his fortune converting air raid shelters in China into shopping malls through his company Renhe Commercial Holdings, currently worth $14.43 billion. The football club’s fortunes have plummeted under Dai’s ownership since 2017, with accusations of overspending and unpaid bills. The club, losing £400,000 weekly, has faced 16 points deductions during Dai’s tenure, prompting frustration among loyal fans.
Dai’s neighbor, King Charles III, recently announced legislation to safeguard football clubs’ future, suggesting an independent regulator for the entire football pyramid. This development could impact untested owners, with Reading potentially serving as a test case. Reading fans, represented by the Sell Before We Dai group, hope for positive change, emphasizing the need for an owner committed to the club’s sustainability.
Despite ongoing challenges and protests from fans, various entities, including US consortiums and former Newcastle owner Mike Ashley, express interest in purchasing Reading FC. BBC Radio Berkshire Sports Editor Tim Dellor notes that efforts are underway to bring about a change in ownership, acknowledging the impact of off-field issues on the players. EFL Chief Executive Trevor Birch emphasizes the need for fair treatment and consistency for all clubs, expressing understanding of supporters’ frustrations.
MailOnline has reached out to Dai Yongge and Reading FC for comment.
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