Reading Football Club’s long-running takeover crisis appears to be coming to a close, after the club stated that exclusivity had been agreed upon earlier this week.
Although the club will not identify the identity of the potential buyer, it has been rumoured that American investor Robert Platek is looking to complete the purchase of the Royals.
He has formerly owned European football clubs, including Sonderjyske in Denmark, Spezia in Italy, and Casa Pia in Portugal.
Some fans are rightly careful not to get carried away before a deal is signed, especially because the team has already been in a period of exclusivity four times before.
However, having declared that a ‘letter of intent’ with the possible purchaser has been signed, the parties are looking for a swift resolution to negotiations.
Reading Today reports that Dai Yongge’s shares in Reading FC, the Select Car Leasing Stadium, and Bearwood Park training facilities are expected to be transferred by April as part of the buyout.
It is also thought that the EFL (English Football League) has granted its okay for the planned arrangement to forward to the final stages of discussions before being completely authorised.
The Guardian reported on Tuesday that Platek’s proposed purchase of the club may have a ‘conflict of interest’ due to his role as co-head of a corporation that has provided money to many EFL clubs.
Platek co-heads BDT and MDT partners, who lent money to EFL clubs like as Burnley, West Brom, Derby, and Sunderland during the covid-19 pandemic.
The EFL has declined to comment, however Reading Today understands that Platek’s condition with other teams is not expected to impede his future purchase of Reading.
Reading FC stated on Monday: “The parties will now enter a period of exclusivity to complete final due diligence and legally complete the transaction.” While timetables cannot be guaranteed, the deal’s structure should allow for a rapid completion that benefits everyone involved.
“Further updates will be communicated once appropriate.”
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