READING FC head of football operations Mark Bowen has released an open letter to the fans after the club were hit with a six point deduction by the EFL.
The Royals have been punished by the EFL for the second consecutive season for failing to comply with the business plan that was put in place by the league following a historical breach of the EFL’s Profit & Sustainability rules.
The letter reads: “Last season, the club entered into discussions with the EFL on our punishment for breaching Profit & Sustainability rules.
“The club came to an agreement on a six-point deduction in 2021-22, with six points suspended until 2022-23 if an agreed plan to fill the financial gap was not followed.
“Those terms were admittedly ambitious, requiring significant player sales income – but had the club not agreed that plan, our points punishment last season would have been more severe and – to be clear – would ultimately have led to relegation from the Championship.
Despite our very best efforts throughout the course of this last year, and for a complex variety of reasons, player sales income wasn’t achievable to the level needed to meet the plan and, despite all the progress we made in reducing our wage bill, because of that we failed to meet the agreed terms.
“We came up with an alternative and viable solution, which would have satisfied the financial shortfall requested – but the new independent Club Financial Review Unit were expecting player sales in accordance with our agreed business plan and they informed us in March that, as that original plan hadn’t been adhered to in the methods we had set out, we were in breach. And we have no option but to accept that.”
The six point penalty means that Paul Ince’s team drop down to 20th in the Championship table onto 40 points which leaves them just one point above the relegation zone.
With just seven league games remaining, the Royals now have another fight on their hands to try and secure Championship survival.
The letter continues: “However, through a lot of hard work from our Board – Bryan Stabler, Dayong Pang and myself, we have been able to ensure the business plan meets the Unit’s criteria going forward. It has taken time for them to consider this and come back with a ruling – but now we are very confident that this six-point penalty is the last of our medicine and we will now be allowed to come out of the embargo and be able to trade again in the summer.
“We must still be sensible, we will still be given a budget to stick to, but we will not be governed by the EFL on every decision we make and our every move won’t need to be ratified. In simplest terms, they will give us a sensible number and, thanks to all the good work we have done in the last year, we have earned their trust us to operate wisely and not exceed that budget. Last summer we had so many different hoops to jump through to be able to get anything done at all. This summer will be different.
“We are building a lot of bridges, putting a huge amount of work into our strategy to create an elite environment, and we are in a much better place compared to where we were three years ago.
“Actions, I appreciate, speak louder than words. We know that. And the short-term aim is to stay in this league. We’ve got seven games to go and we’ve got enough points on the board to give ourselves a good chance. Maybe without the point deduction, we could be planning for next season fairly safe in the knowledge that we would be in the Championship
“We are very confident that this six-point penalty is the last of our medicine and we will now be allowed to come out of the embargo and be able to trade again in the summer. We must still be sensible, we will still be given a budget to stick to, but we have earned their trust us to operate wisely. Last summer we had so many different hoops to jump through to be able to get anything done at all. This summer will be different.”
To read the letter in full, visit: https://www.readingfc.co.uk/news/2023/april/04/mark-bowen-an-open-letter-to-our-fans/
