Reading have accepted a six-point deduction in the Championship after admitting exceeding the EFL’s permitted limits on profit and sustainability.
The penalty sees Reading fall to 19th place in the league table, four points above the relegation zone. Veljko Paunovic’s team had previously been 16th, level on points with Nottingham Forest, Middlesbrough and Birmingham City.
The club has also been issued with a further six-point deduction that is suspended until 2022/23.
A statement explained: “Reading Football Club can confirm that we have accepted a penalty of a six-point deduction as a result of exceeding the EFL’s Profit and Sustainability limits.
“The breach of regulations was calculated across a period of four years, two of which were unavoidably yet significantly impacted by the COVID-19 pandemic.
“While there are undeniably extenuating and unforeseeable circumstances that have contributed to this breach, we accept this to be a fair and reasonable punishment and will learn the lessons from our recent past which have resulted in this deduction.
“We would like to take this opportunity to thank the EFL for their co-operation, professionalism and positive, open dialogue throughout this process.”
Reading also took the opportunity to insist that owner Dai Yongge ‘remains wholeheartedly committed to the club’, having been left unable to attend matches during the pandemic
“His commitment to our club remains unequivocal,” the statement continued.
“Having supported the club throughout a period of unprecedented disruption when key revenue streams for all clubs were suddenly severed, his investment has been overtly evident to all who visit our new multi-million pound Bearwood Park training complex - an environment tailored to attracting the best players to our club, helping our existing players flourish and ensuring our developing young players can reach their maximum potential.”
In his own words, Yongge himself added that his ‘determination to succeed has not diminished but has amplified’.
The Royals are the second Championship club in little over 24 hours to be hit with a points deduction after Derby were docked another nine on Tuesday evening after breaching EFL accounting rules. The Rams also have a suspended three-point deduction over the profit and sustainability limits.