Reading Football Club have agreed terms with a prospective buyer, moving closer to a full takeover, while the English Football League (EFL) has granted a second deadline extension.
The Royals had initially been given until 22 April to conclude a deal after owner Dai Yongge was disqualified under the EFL’s Owners’ and Directors’ Test. However, with an agreement now in place, the deadline has been pushed back to 5 May to allow the sale to be finalised.
Talks between the club and the unnamed buyer have been ongoing since early April, with Reading previously describing negotiations as being at an “advanced” stage. It has now been confirmed that the terms cover the sale of both the Select Car Leasing Stadium and the Bearwood Park training ground.
“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,” a club statement said.
While supporters eagerly await official confirmation of the new owner, the buying party has already pledged to cover Reading’s immediate financial commitments to ensure normal operations continue.
The EFL also confirmed the extension, stating it had allowed the move given the progress made since early April. They emphasised that if Yongge fails to sell within the new deadline, they retain the authority to prevent Reading from playing further matches.
The statement from the EFL read: “Earlier today, the EFL board granted a further extension until Monday 5 May for Mr Dai Yongge to divest his interests in Reading FC. Since our last update on 3 April, further progress has been made in respect of the proposed sale of the club.”
Currently seventh in League One, Reading are level on points with Leyton Orient, who occupy the final play-off position. With crucial matches looming, stability off the pitch is vital if the Royals are to keep their promotion hopes alive.
Writer’s View
This agreement offers a huge sigh of relief for Reading fans, who have endured months of uncertainty. While caution is necessary until the deal is formally completed, the buyer’s immediate financial support suggests genuine commitment.
With the play-off chase heating up, removing off-field distractions could prove crucial to keeping their promotion bid on track.
