Big Reading FC takeover update issued with “quick completion” claim made
Dai Yongge’s ownership of Reading has resulted in a terrible few years for the team, including relegation to League One, numerous point deductions, the sale of important players, and persistent off-field issues.
Suffering Royals fans have witnessed several takeover attempts fall through, the most recent of which occurred in September when Rob Couhig, a former Wycombe Wanderers owner, lost his bid to purchase the team at the last minute. The American businessman is now embroiled in a legal dispute with Yongge.
Despite the Select Car Leasing Stadium’s ownership issues and manager Ruben Selles’ December move to Hull City, Reading has continued to push for promotion in League One this year. Noel Hunt’s team is currently in ninth place, three points out of the play-off spots.
League One table (as it stands 24th February)
Team
P
GD
Pts
9
Reading
32
3
50
10
Barnsley
32
1
46
11
Blackpool
32
3
44
12
Stevenage
32
-2
44
13
Lincoln City
33
2
43
14
Rotherham United
32
-3
38
15
Mansfield Town
32
-7
38
16
Wigan Athletic
31
-3
36
Supporters have persisted in their demonstrations against Yongge, though, and more than 8,400 individuals have signed a petition that was started last week requesting that the government look into the club’s ownership.
There may now be hope for Reading fans after months of anxiety after the club said in a statement on Monday afternoon that they are hopeful a takeover could be finalized shortly after making progress with a possible buyer.
“Reading Football Club can confirm it has committed to a letter of intent with a potential purchaser of the club,” the team stated on their official website.
“A period of exclusivity will now begin for the parties to finish their last due diligence and legally finalize the deal. Although deadlines cannot be guaranteed, the deal’s structure should enable a speedy completion, which would be advantageous to all parties.
“Although we recognize that our fans would like to know who the buyer is, discretion is preferred at this time in order to finish as soon as possible.
“The Reading Football Club Limited, the Select Car Leasing Stadium, and the Bearwood Park Training Facility will all be transferred as part of the agreed-upon transaction, the club can announce.
“Further updates will be communicated once appropriate.”
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