Reading Football Club have been removed from the EFL’s embargoed list after they published their accounts from 2023/24.
The long awaited takeover for Rob Couhig to purchase the club from Dai Yongge was confirmed at the weekend subject to legal proceedings, which are expected to be finalised in the coming days.
The club submitted their accounts for the 2022/23 season more than a year late, which showed losses of £21.7m.
The new accounts show that the club lost £12.1m in their first season back in League One having dropped to the third tier for the first time in more than two decades.
The figures showed that turnover decreased to £10m having been at £18.7m the previous year, while salaries fell from £14m to £10m.
As a result of publishing their accounts, the Royals will now be able to operate in the transfer market under new owner Rob Couhig.
The club has been hamstrung with embargoes for more than five years which has limited them to only signing free agents or loan players due to Dai Yongge’s various financial misdemeanours.
The last time Reading paid out a transfer fee for a player was when they splashed out around £3million to buy midfielder Ovie Ejaria from Liverpool following his two impressive loan spells with the club.
Having started brightly his time with Reading ended on a sour note as he was released by mutual consent in December 2023.
