Reading owner Dai Yongge enters ‘exclusive negotiations’ over the sale of the League One side… as the unpopular Chinese businessman scraps plans to sell training ground
Reading have announced that the club are in exclusive negotiations with a potential buyer after their under-fire owner Dai Yongge committed to a ‘letter of intent’.
The League One side said a deal could take up to two months to complete and would include both the club’s stadium and training ground.
“The club can confirm that Mr Dai has committed to a letter of intent with a potential buyer of Reading Football Club,” read a statement from Reading.
“The parties will now enter a period of exclusive negotiations to agree on final terms. Delivery is expected to take a maximum of two months. At that time the buyer will be announced.
‘The transaction would include the transfer of Mr Dai’s shares in The Reading Football Club Limited, as well as the Select Car Leasing Stadium and Bearwood Park training ground.
“The club will communicate with further updates as necessary.”
Reading have announced that their owner has signed a letter of intent to sell the League One club
Reading’s Chinese owner Dai Yongge has committed to a ‘letter of intent’ to sell the club
Fans have demanded Dai sell the club amid several points deductions due to financial problems
Dai has faced calls to sell the stricken club from supporters and the English Football League in recent months.
The League One team has had six points deducted this season due to financial problems.
They have been deducted from the campaign with six points: four for late payment of wages and two for failing to meet HMRC payment obligations.
A total of 18 points were deducted during Yongge’s ownership, which began in 2017. They have already lost their championship status.
The Royals have also been handed a further suspended points penalty of two points, which will be triggered if the club fails to pay amounts owed to HMRC, other clubs or a football creditor until the end of the season.
Reading announced earlier this month that Dai was ‘open to selling’ the club’s Bearwood Park training complex to raise funds in the short term.
League One rivals Wycombe had begun talks to buy the training ground before putting the purchase ‘on hold’.
Wycombe said this was due to planning restrictions, which meant only Reading could use the site.