Reading FC have provided an update to supporters regarding a takeover development, confirming they have entered ‘exclusivity’ with a potential purchaser.
The news comes just weeks after a proposed deal with former Wycombe Wanderers chairman Rob Couhig colapsed at the final stages.
The club was officially put up for sale by current owner Dai Yongge almost a year ago.
Meanwhile, former CEO Nigel Howe, who was tasked with overseeing the takeover, is banned from all football activity by the FA for the next three months.
A statement released by the club reads: “The Club can confirm it has agreed to a period of exclusivity with a potential purchaser.
“Both parties will now work to finalise terms with the intention of completing a sale at the earliest opportunity. This exclusivity period also includes further provision to fund the club until the transaction’s intended completion.
“The proposed sale includes Mr Dai’s shareholding in The Reading Football Club Limited, as well as the Select Car Leasing Stadium and Bearwood Park training ground.
“As of today, the Club can also confirm that – alongside the requirement to operate under the terms of its business plan – it has today been placed under a formal registration embargo by the EFL (English Football League).
“This embargo has been implemented, as per EFL regulations, due to the late filing of financial accounts to Companies House, and relates to the 2022-23 accounting period. We are working closely with our auditing partner to finalise these accounts at the earliest opportunity – at which point the embargo will be lifted immediately.
“Further developments for both the takeover and embargo status will be communicated at the earliest opportunity, and the Club and would like to thank all supporters and staff for their patience during this time.”
