April 24 – English League One side Reading have reached an agreement with a prospective buyer to complete a takeover of the financially-stricken club, with the English Football League (EFL) extending a deadline to finalise the deal to May 5.
It’s the second time the EFL has granted the Royals additional time to complete the sale since owner Dai Yongge was disqualified from leading the club under the Owners’ and Directors’ Test. The initial extension was set to expire on April 22, but the club have been given another two weeks to complete the sale.
Reading have confirmed that “further progress” has been made towards the takeover.
”The terms of the deal have been agreed between the club’s current owner, Mr. Dai Yongge and the buyer, whose identity must remain confidential at this stage,” the club said in a statement.
“Both parties will now work to complete the necessary steps to finalise the takeover. The buying party will support the club’s immediate financial obligations until the transaction is complete, ensuring that the day-to-day operations of the club remain unaffected.”
The EFL confirmed that a second extension has been granted for Yongge to “divest his interests” in the club. The EFL has the power to prevent Reading from playing matches if Yongge fails to comply.
“Earlier today, the EFL board granted a further extension until Monday, May 5, for Mr. Dai Yongge to divest his interests in Reading FC,” the EFL stated.
“Since our last update on April 3, further progress has been made regarding the proposed sale of the club. As a result, the board deemed it appropriate to agree to the club’s request to allow more time for matters to be concluded in accordance with EFL regulations.”
Reading are currently seventh in League One, tied on points with Leyton Orient, who hold the final play-off spot in the hunt for promotion to England’s second-tier.
Contact the writer of this story, Samindra Kunti, at moc.l1745511220labto1745511220ofdlr1745511220owedi1745511220sni@i1745511220tnuk.1745511220ardni1745511220mas1745511220