Reading agree terms with buyer over sale

Reading agree terms with buyer over 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 finalize 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 toward 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 endeavor to finish the procedures required to finalize the takeover.

“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 announced. external

“There has been additional development about the prospective sale of the club since our last statement 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.”

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

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