Reading release major statement after agreement reached with EFL as crisis club face going bust if they aren’t sold
CRISIS club Reading have been granted a takeover extension by the EFL.
Royals’ Chinese owner Dai Yongge had initially been given a deadline of April 22 to sell the Berkshire outfit.
Dai was disqualified under the league’s owners’ and directors’ test in February owing to debts and court rulings in China.
The League One side – who are mounting an unexpected play-off push – have been up for sale for almost 600 days.
And a statement released on Wednesday confirms the EFL has granted the Royals an extension.
It 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.
“As a result, The EFL has agreed for a further extension until May 5th for the transaction to be completed.”
The statement adds that the identity of the buyer will remain confidential at this stage.
But the unnamed investor will be footing the bill for “day-to-day running of the club” until the takeover is signed off.
It continued: “Both parties will now work to complete the necessary steps to complete the takeover.
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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.
“The club would like to thank all supporters, staff, and players for their contribution to the club in recent times.
“The performance at First Team and Academy level has been outstanding and all attention is on supporting the teams to finish the season strongly.
“Further communication regarding next steps will be issued once appropriate.“
Reading currently sit seventh in the third tier, one place below the final play-off spot.
They are level on points with Leyton Orient, with just two games to play.
Reading face Bristol Rovers and Barnsley in their final matches of the season.
Should they gain promotion to the Championship, it would be the Royals’ first season at that level since 2023.
Dai bought a 75 per cent stake in Reading in 2017, shortly after Jaap Stam‘s side lost the Championship playoff final to Huddersfield.
During his ownership, the Royals have been slapped with several points deductions, while in 2023 they were relegated to League One.
Amid fan protests, Dai put the club up for sale later that year.
Earlier this month, SunSport revealed former Wycombe owner Rob Couhig had mounted a £25million takeover for the Berkshire club.