The Royals’ future has been uncertain for some time, with fans hoping that a resolution is on the way.
Reading FC Supporters’ Trust has provided an update on the status of a possible takeover of the club.
The Royals’ future has been uncertain for some time, with current owner Dai Yongge overseeing a terrible tenure at the club.
Reading had received a lot of fines and points deductions over the years for overspending and subsequently late payment of wages and HMRC payments under Yongge’s ownership, yet they managed to survive in League One against the odds in 2023-24.
In addition to being instructed again by the EFL to either fund or sell the team, Yongge eventually signed a letter of intent to sell the club in March, but no sale has yet been completed.
Reading FC has published a takeover update. Former Royals CEO Nigel Howe, pictured above, has been appointed by Yongge to supervise the football club’s sale.
Supporters’ Trust At Reading (@STARReading) posted an update on the club’s future sale via their X account, stating that the organization is in talks with Howe
Reading FC need a takeover and quick ahead of 2024-25 season
They wrote: “As Reading supporters, we are all eager to see the transaction finalized. We are in a difficult position. Discretion is required at this stage of the negotiations, although we understand Reading fans are eager for developments.
🎾 For the second time in as many home matches, Reading fans throw tennis balls onto the pitch in protest of owner Dai Yongge. #readingfc pic.twitter.com/UNj0s3ZmcP
— Ji-Min Lee (@JmlJourno) September 30, 2023
“This is exacerbated by incorrect reporting and inaccurate rumour-mongering. We spoke with Nigel, and he informed us that he is still working on a transaction and that as soon as there is something to share, it will be shared.
“To put it frankly, there is currently no good news, but there is also no negative news, contrary to online conjecture. Discussions are continuing. We understand how anxious we all are for this situation to be resolved and for everyone to have some clarity moving ahead.”
Back in January, Howe indicated that up to eight companies were interested in buying Reading, but warned that any buyout would take months to complete.
Four months have gone since those comments, and the sale of Reading FC appears to be no further along than it was then.
The exclusivity period that Yongge engaged into with an undisclosed possible buyer in March has now passed, giving some hope that an end may be in sight.
With no transaction completed with that yet to be named party, Yongge is now free once more to negotiate with other potential buyers, of which BBC Radio Berkshire believes there are numerous options.
Buyers are still interested. According to sources close to BBC Radio Berkshire, Yongge is becoming increasingly upset with interested parties “chipping away” at the amount established for the sale of the Select Car Leasing Stadium and the Bearwood Park training complex.
It looks like Yongge and Howe are ready to move on from those potential buyers and try to reach a long-awaited agreement with another company.
For the time being, Reading fans can only hope to put this chapter in their club’s long and proud history behind them and look forward to a brighter future for their football team.
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