English club Reading's owner Dai Yongge has received an ultimatum about his position.
The Chinese businessman has been informed by the EFL that he must fund the club or sell.
Yongge has been hit with a £50,000 fine for failing to meet a financial deadline over wages.
Reading, who are now in League One having previously been a Premier League club, had a game against Port Vale abandoned on Saturday due to a protest from fans.
The EFL statement said: “As Reading FC supporters are only too aware, it has in recent months become increasingly clear that Mr Dai Yongge is no longer in a position - or does not have the motivation - to support the Club financially as he did following the change of control in 2017.
“In November 2023, the EFL called for the disqualification of Mr Dai following the failure to fund the deposit account to cover player and staff salaries following repeated breaches of EFL Regulations. This was ultimately rejected by an Independent Disciplinary Commission and a financial sanction was imposed instead.
“The EFL has now received confirmation that Mr Dai did not meet last Friday's latest deadline to fund the deposit account as ordered, meaning he has been in default for nearly four months. As a result – and as per the terms of the 15 December decision - a further £50,000 fine has now been imposed, taking the total to £80,000.
“His continued failings mean that once again the Club's hardworking staff have no reassurance as to payment of wages and demonstrates a clear disregard for his obligations as a director of the Club.
“In respect of this issue, the League will now consider all available options it has under the Regulations and will have no hesitation in bringing further charges against Mr Dai.
“In the meantime, and for the sake of the future of Reading FC, its staff, supporters, and local community we urge Mr Dai either to fund the Club adequately or to make immediate arrangements to sell his majority shareholding to appropriate new owners so everyone can move forward with renewed optimism."
