Reading

Formation and gradual rise (1871–1991)

Reading were formed on 25 December 1871, following a public meeting at the Bridge Street Rooms organised by Joseph Edward Sydenham, who would go on to be club secretary. The early matches were played at Reading Recreation Ground, and later the club held fixtures at Reading Cricket Ground, Coley Park and Caversham Cricket Ground. The switch to professionalism in 1895 resulted in the need for a bigger ground and, to this end, the club moved again, to the purpose-built Elm Park on 5 September 1896. In 1913, Reading had a successful tour of Italy, prompting the leading sports newspaper Corriere della Sera to write, "Without doubt, Reading FC are the finest foreign team seen in Italy".

Reading were elected to the Football League Third Division South of the Football League in 1920. Reading's best performance in the FA Cup came in 1926–27 when they lost to eventual winners Cardiff City at Wolverhampton in the semi-final, a placement the club would not match again until 2015, when they lost to holders Arsenal in the semi-final. Reading lost their place in Division Two in May 1931, and remained in Third Division South until the outbreak of World War II. The club won the Southern Section Cup, beating Bristol City in the two-legged final in 1938, and when taking part in the regional London War League and Cup competitions, gained another honour by beating Brentford in the London War Cup Final of 1941 by 3–2 at Stamford Bridge.

When League football resumed after the war, Reading quickly came to prominence once again. The club's record victory, 10–2 versus Crystal Palace, was recorded in September 1946, and Reading twice finished runners-up in the Third (South), in 1948–49 and 1951–52, but they were denied a return to Division Two as only the champions were promoted. The side's moment of cup glory came in 1988 when they won the Simod Cup, beating a number of top-flight sides en route to their Wembley win over Luton Town. Reading were promoted to the Second Division as champions in 1986 under the management of Ian Branfoot, but were relegated back to the Third Division in 1988.

Onwards and upwards (1991–2005)

The appointment of Mark McGhee as player-manager, shortly after the takeover by John Madejski, in 1991 saw Reading move forward. They were crowned champions of the new Division Two in 1994. Thirty-five-year-old striker Jimmy Quinn was put in charge of the first team alongside midfielder Mick Gooding and guided Reading to runners-up in the final Division One table – only to be denied automatic promotion because of the streamlining of the Premier League, from 22 teams to 20. In 1995, Reading had eased past Tranmere Rovers in the play-off semi-finals and looked to have booked their place in the Premier League only to lose 4–3 against Bolton Wanderers in the final having been 2–0 up and missed a penalty at half-time. Quinn and Gooding's contracts were not renewed two years later after Reading had slid into the bottom half of Division One. Their successor, Terry Bullivant, lasted less than a season before being sacked in March 1998. Reading were relegated back to Division Two at the end of the 1997–98 season.

The year 1998 also saw Reading move into the new 24,200 all-seater Madejski Stadium, named after chairman John Madejski. Tommy Burns had taken over from Terry Bullivant but lasted just 18 months before being replaced by Alan Pardew, who had previously been reserve team manager before being released. The club finished third in 2000–01 qualifying for the play-offs, losing 2–3 in the final against Walsall at the Millennium Stadium in Cardiff. Reading returned to Division One for 2002–03 after finishing runners-up in Division Two. The following season, they finished fourth in Division One and qualified for the play-offs, where they lost in the semi-final to Wolverhampton Wanderers. Pardew moved to West Ham United the following October and was replaced by Steve Coppell.

Rise to the Premier League and yo-yo years (2005–2013)

Reading won the 2005–06 Championship with a league record 106 points, scoring 99 goals and losing only twice. They were promoted to English football's top division for the first time in their history. The 2006–07 season saw Reading make their first appearance in the top flight of English football. Reading defied pre-season predictions of relegation to finish the season in eighth place with 55 points. Reading turned down the chance to play in the UEFA Intertoto Cup. In the run up to their second season in the Premier League, Reading took part in the 2007 Peace Cup in South Korea. This second season was less successful, however, and Reading were relegated back to the Championship.

Reading started the 2008–09 season with a 15 match unbeaten home run. They finished fourth and qualify for the play-offs, where they lost to Burnley in the semi-final. Manager Steve Coppell resigned just hours after the game, replaced by Brendan Rodgers. Rodgers left the club by mutual consent on 16 December 2009 and Brian McDermott made caretaker manager the same day. In the 2010–11 FA Cup, Reading reached the quarter-final, where they lost 1–0 to Manchester City at Etihad Stadium, Reading eventually finished fifth in the Championship to qualify for the division's play-offs. After beating Cardiff City in the semi-finals, they lost 4–2 to Swansea City in the final at Wembley. In the 2011–12 season, a streak of good form in the second half of the season, ensured promotion back to the Premier League on 17 April 2012 with 1–0 home win against Nottingham Forest.

On 21 January 2012 it was reported that Madejski planned to relinquish control of the club by selling a 51% stake for £40 million to Thames Sports Investments, a Russian consortium headed by Anton Zingarevich. As part of the deal, Madejski would continue as chairman before becoming honorary life president. Madejski's ownership of the club ended on 29 May 2012.

McDermott led Reading to their first Premier League win of the 2012–13 season on 17 November 2012 at their 11th attempt, defeating Everton 2–1 at home. On 11 March 2013, however, he left his position at Reading. Nigel Adkins was then appointed as manager, though he was unable to save them from relegation after drawing Queens Park Rangers 0–0 on 28 April 2013 at Loftus Road.

Return to the Championship (2013–2023)

The following season back in the Championship saw Reading make two high-profile signings in Wayne Bridge and Royston Drenthe in hope of an immediate return to the Premier League. Reading, however, missed out on the playoffs because of a last minute winner from Brighton & Hove Albion's Leonardo Ulloa, which meant the Seagulls made the playoffs at Reading's expense.

The 2014–15 pre-season saw further arrivals of Jamie Mackie on loan, Oliver Norwood and the return of Simon Cox. The club was under a high threat of administration, causing departures of Sean Morrison and Adam Le Fondre and a Thai consortium taking over the club. A good start to Nigel Adkins' second season in charge was followed by a poor run of results that ended with his sacking after a 6–1 away defeat to Birmingham City with Steve Clarke taking over the next day in the hope of a promotion push. However, a lack of goals and some poor form in the league meant the club faced some fears of relegation to League One, but safety was secured with few games to spare. Nonetheless, during that time, the club embarked on a successful FA Cup journey, reaching the semi-final where they lost 2–1 to Arsenal at Wembley. The following season saw the club bring in many players in the hopes of gaining promotion, but the club finished 17th.

In the summer leading up to the 2016–17 season the club announced the departure of Brian McDermott and eventually he was to be replaced by former Manchester United defender Jaap Stam. Under Stam, Reading achieved their highest finish since relegation back to the Championship by finishing third and reaching the play-offs, where they beat Fulham on aggregate before facing Huddersfield Town in the final at Wembley where they lost on penalties following 0–0 draw after extra time. In 2017, Chinese investors Dai Yongge and Dai Xiu Li acquired the club.

The team languished towards the bottom of the table for most of the 2017–18 season. On 21 March 2018, Stam resigned as manager after a nine-game winless run. Two days later, on 23 March 2018, Paul Clement was appointed as Reading's new manager; the club finished the season in 20th place, avoiding relegation by three points.

Clement was sacked on 6 December 2018 after poor results left the club outside of the relegation zone only on goal difference. He was replaced by José Gomes on 22 December, who steered the club away from relegation to finish 20th again. However, after a slow start to the 2019–20 season, Gomes was dismissed after less than a year in charge with the team in the relegation zone in October 2019. Sporting director Mark Bowen was promoted to the role as his replacement a week later and led the team to finish 14th before departing the club in August 2020.

Former Chicago Fire boss Veljko Paunović was appointed manager on 29 August 2020. The team got off to an excellent start to the 2020–21 season, winning seven of their first eight league games. However, the team's form faded after injuries to several key players and they eventually narrowly missed out of the play-offs, finishing seventh.

On 17 November 2021 it was confirmed Reading would be deducted six points due to breaching the EFL's profitability and sustainability rules. Over five years, the club reported pre-tax losses of £146m, way beyond the EFL's limit of a £13m annual pre-tax loss. In 2021, the club spent 234% of its revenue on player wages.

Following a 3–2 away victory over Preston North End in February 2022, manager Veljko Paunović left by mutual consent, with Paul Ince being placed in interim charge of the team alongside academy manager Michael Gilkes. On 16 May, Ince became the team's permanent manager, with Mark Bowen returning as head of football operations.

On 1 March 2023, the team was reported to be facing another six-point deduction for breaching profitability and sustainability rules. The club accepted the penalty on 4 April 2023, enforced with immediate effect. A week later, on 11 April, Ince left after a run of eight games without a win, leaving the club in 22nd place, one point from safety. Under-21 manager Noel Hunt was placed in interim charge until the end of the season. The club was relegated from the Championship on 4 May 2023 after 10 years in the second tier. Without the six point deduction, Reading would have finished on 50 points, escaping relegation.

League One struggles and club for sale (2023–)

In June 2023, Reading were charged by the EFL with failing to pay their players on time and in full, in October and November 2022, and April 2023, and with non-payment of taxes - charges that meant Reading might start their 2023–24 League One season with a points deduction. Following the EFL's action, Reading fans groups united to launch a campaign, Sell Before We Dai, urging owner Dai Yongge to sell the club, calling his stewardship "an unmitigated disaster" and citing the club's "excruciating financial losses". On 27 June, Reading were served a winding-up petition by HMRC over the unpaid tax bills, with a hearing set for 9 August (on 12 July, football finance expert Kieran Maguire described the club's ownership as "a car crash"). On 28 July, the club was placed under another transfer embargo because of the unpaid taxes. On 2 August, Dai Yongge was reported to be seeking new investors to bring financial stability to the club.

Meanwhile, on 26 June 2023, Reading announced the provisional appointment of Rubén Sellés as their new manager, confirmed on 14 July, after his visa application was successful.

On 16 August 2023, after one win and two defeats in their opening three league fixtures, Reading had a point deducted (their third deduction in three consecutive seasons), and a further three-point deduction suspended, for its failures to pay players fully and on time during the 2022–23 season. Dai Yongge was ordered to pay 125% of the club's forecast monthly wages into a designated account. Failure to comply, or not paying wages on time up to 30 June 2024, would activate the suspended penalty; the three-point deduction was applied on 13 September, and Dai Yongge faced a misconduct charge.

On 29 September 2023, Dai Yongge said he was open to "credible offers of interest" to buy the club after another transfer embargo was imposed in respect to an outstanding tax bill. A 3–2 home defeat by Portsmouth on 28 October dropped the club to the bottom of League One on six points, eight from safety; the match was preceded by a fans protest against Dai Yongge's ownership. On 31 October, the club was served another HMRC winding-up petition over unpaid taxes. On 1 November, Reading were referred to an EFL independent disciplinary commission regarding unpaid HMRC debts owed in September and October 2023. On 9 November, a sale of the club was reported to be progressing, and the latest winding-up petition and transfer embargo had been resolved. On 19 December 2023, Dai Yongge was fined £20,000 for Reading's wages failures; the EFL had recommended a 12-month ban from all football activities, but an independent disciplinary commission opted not to enforce it. A further £50,000 fine was suspended until 12 January 2024, and was triggered after Dai Yongge again failed to make the required full wage deposits.

On 13 January 2024, Reading's match against Port Vale was abandoned after home fans invaded the pitch to protest about Yongge's ownership of the club. After imposing a £50,000 fine for failing to meet wages deadlines, the EFL said Dai Yongge must "fund the club adequately" or "make immediate arrangements to sell". Reading CEO Dayong Pang said that, after two unsuccessful offers, Dai Yongge was "100% willing to sell the club" and the selling process was "ongoing"; On 26 January 2024, former CEO Nigel Howe (asked by Dai Yongge to oversee the club's sale) said eight parties were interested in buying Reading but any sale would take at least two months to complete.

On 27 February 2024, Reading received their second points deduction of the season, being docked two more points by the EFL after failing to make HMRC payments within an 80-day limit. The deduction left the club three points above the relegation places. In total, under Dai Yongge's ownership, the club has had 18 points deducted. In March 2024, Dai Yongge was "open to the sale" of the club's Bearwood Park training facility to secure funding while new owners were sought, a move criticised by supporters groups for the confusing message it sent to potential investors; the club faces a cash shortfall of about £1m for March. On 14 March, Reading announced they were holding talks with Wycombe Wanderers over the sale of Bearwood Park, but Wycombe put the talks "on hold" after learning that "planning limitations allowed only Reading to use the grounds".

On 21 March 2024, Nigel Howe said there have been "approaches from around the world" to buy Reading. Four days later, Reading were reported to be in "exclusive negotiations" with a buyer to agree final terms for Dai Yongge's shareholding, the stadium and the training ground; closing the deal could take up to two months.