Reading Football Club, currently facing a crisis, has received an extension from the English Football League (EFL) regarding its potential takeover.
The club`s owner, Chinese businessman Dai Yongge, was originally required to sell the Berkshire-based team by April 22nd. Dai Yongge was disqualified by the EFL in February under the Owners` and Directors` Test due to significant debts and court rulings in China.
The League One side, which is unexpectedly contending for a play-off spot, has been on the market for nearly 600 days.
A statement released on Wednesday confirmed that the EFL has granted the club more time. The statement read: “Reading Football Club can confirm further progress has been made towards the sale of the club, with the transaction including the Select Car Leasing Stadium and Bearwood Park Training Facility.”
Consequently, the EFL has agreed to extend the deadline for the completion of the transaction until May 5th.
The statement also noted that the potential buyer`s identity will remain confidential at this stage. However, the prospective buyer will be responsible for funding the club`s daily operations until the sale is finalized.
The statement added that both parties are now working to finalize the necessary steps for the takeover. The buyer is supporting the club`s immediate financial needs during this period, ensuring that daily operations continue without disruption.
The club extended thanks to all supporters, staff, and players for their contributions. They highlighted the outstanding performance of both the First Team and Academy, stating that the focus remains on supporting them to finish the season successfully. Further updates will be provided when appropriate.
Currently, Reading is seventh in League One, one spot outside the play-off places, and level on points with Leyton Orient with two matches remaining. Their final opponents are Bristol Rovers and Barnsley. Achieving promotion would mark their return to the Championship for the first time since 2023.
Dai Yongge acquired a 75% stake in 2017, soon after the team lost the Championship play-off final. His tenure has been marked by multiple points deductions and relegation to League One in 2023. Following fan protests, he put the club up for sale later that year. Reports this month indicated that former Wycombe owner Rob Couhig made a £25 million bid for the club.
Marcus Bellamy