Reading get huge boost in terms of a potential sale of the club as they enter period of exclusivity with potential buyer
Reading enter period of exclusivity with potential buyer as Dai Yongge eyes sale.
The identity of the prospective buyer was not disclosed in a statement released on Monday, but it was revealed that the sale would include the club’s stadium and training facility as well as the unpopular owner Dai Yongge’s shareholding interest.
The Chinese businessman Dai listed the club for sale in October 2023, but despite several attempts to sell, it has not yet changed ownership.
A statement on the club website said: “Reading can confirm it has committed to a letter of intent with a potential purchaser of the club. The parties will now enter a period of exclusivity to complete final due diligence and legally complete the transaction.
“Whilst timelines cannot be guaranteed, the structure of the deal should allow for a quick completion, which would be for the benefit of all concerned.
“Whilst we understand our supporters’ wish to know the purchaser’s identity, at this stage confidentiality is preferred to complete at the earliest opportunity.
“The club can confirm the agreed sale includes the transfer of Mr Dai’s shareholding in The Reading Football Club Limited, as well as the Select Car Leasing Stadium and Bearwood Park Training Facility.”
With the backing of Earley and Woodley MP Yuan Yang, the Reading supporters group Sell Before We Dai launched a campaign against the club’s owner and established a petition last week demanding an investigation into its management. Under Dai’s ownership, the Royals have been subject to many transfer embargoes and have had their points reduced by a total of 18.
In response to the the club’s statement on Monday, Sell Before We Dai was cautiously optimistic. The group wrote on social media: “The optimist in us may see today’s announcement as positive and welcome news. The tone of the statement seems different to before and we all hope that a deal can be done soon. We’ve been here before with the Dais though. Until a sale is done, our campaign continues.”