Reading agree terms with buyer over sale

The English Football League has extended the deadline to finalise a deal to May 5th, and Reading has reached an

agreement with a buyer over the club’s sale.

Since owner Dai Yongge was disqualified under the EFL’s Owners’ and Directors’ Test, the league has granted the

Royals an extension to finish a sale for the second time.

The team now has 13 more days to finalise an agreement after the initial extension ended on April 22.

In early April, Reading resumed negotiations with a buyer, claiming to be in “advanced dialogue” with them.

The Select Car Leasing Stadium and Bearwood Park training facility are among the “further progress” that the club

has now stated has been made towards the sale.

“The buyer, whose identity must be kept secret at this time, and the club’s existing owner, Mr. Dai [Yongge], have

agreed on the conditions of the transaction. The club stated that both sides will now endeavour to finish the

procedures required to finalise the transaction.

“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.”

In order to “divest his interests” in the team, Yongge was granted a second extension, according to the EFL.

The EFL has the authority to prevent Reading from participating in games if he doesn’t do it within the

predetermined window of time.

“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 English Football League stated. external

Additional work has been made regarding the prospective sale of the club since our last update on April 3.

“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.”

Leyton Orient is in the final play-off spot above Reading, who are tied for seventh place in League One.

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