Reading Are Carrying £104m of Debt Through League One. Their Season Was the Least of Their Problems

In the 2024-25 season covered by these accounts, Reading competed in the middle of League One under continued scrutiny of owner Dai Yongge, whose tenure has been marked by unpaid wages, points deductions and repeated protests from supporters demanding a sale of the club.

Turnover was essentially flat, down by around 2% to close to £10m, one of the smaller revenue bases for a club with Reading's Championship and Premier League history, a reflection of years of decline since relegation from the second tier.

A pre-tax loss of around £4m for the period is almost incidental next to the more alarming figure in these accounts: estimated borrowings of around £104m, a debt pile that dwarfs almost every other club in League One and continues to overshadow anything happening on the pitch.

Net assets sit deeply in deficit at around minus £90m, and staff costs of around £12m against turnover of £10m show a wage bill still slightly ahead of income even at this reduced level of competition.

Reading's league position has become almost secondary to the financial story around the club, a debt burden built up over years that continues to define the club far more than results in League One ever could.