Reading FC: Royals agree terms with buyer over takeover

Reading have agreed terms with a buyer over the sale of the club and the English Football League has extended the deadline to complete a deal to 5 May.

This is the second time the EFL has given the Royals more time to complete a sale since owner Dai Yongge was disqualified under its Owners’ and Directors’ Test.

The first extension ran until 22 April, and the club have now been given another 13 days to complete a deal.

Reading re-entered talks with a buyer in early April, who they said they were in “advanced dialogue” with.

The club have now confirmed “further progress” has been made towards the sale, including the Select Car Leasing Stadium and Bearwood Park training facility.

“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. Both parties will now work to complete the necessary steps to complete the takeover,” the club said.

“The buying party will be supporting the club’s immediate financial obligations until the transaction is complete, and as such, day-to-day running of the club will be unaffected.”

The EFL confirmed the second extension had been given for Yongge to “divest his interests” in the club.

If he fails to do so within the agreed time frame, the EFL has to power to stop Reading from playing matches.

“Earlier today, the EFL board granted a further extension until Monday 5 May for Mr Dai Yongge to divest his interests in Reading FC,” the EFL said., external

“Since our last update on 3 April, further progress has been made in respect of 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 seventh in League One and level on points with Leyton Orient who sit in the final play-off place above them.