Reading have agreed terms over the sale of the club, the League One (third-tier) outfit said on Tuesday, as the English Football League extended the deadline for closing the deal to May 5.
It is the second time the EFL has pushed back the deadline to complete a takeover since the club’s Chinese owner Dai Yongge was ordered to sell the club after being disqualified under the EFL’s owners’ and directors’ test last month.
Reading have now confirmed that terms for the sale with a buyer have been settled, with the deal including the club’s Select Car Leasing Stadium and Bearwood Park training base.
“The terms of the deal have been agreed between the club’s current owner, Mr Dai, and the buyer, whose identity must remain confidential at this stage,” the club said in a statement.
“Both parties will now work to complete the necessary steps to complete the takeover.
“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.”
Yongge was initially given until April 4 to complete the sale before the EFL granted an extension to April 22.
The EFL said it had granted a further extension “for Mr Dai Yongge to divest his interests in Reading FC, subject to compliance with all other EFL Regulations”
Yongge, who took over Reading in 2017, has been blamed for their problems by fans as the club had six points deducted last season for financial mismanagement. They then withdrew from the Women’s Championship due to financial issues.
Reading are seventh in League One, one place behind Leyton Orient who are in the final playoff place on goal difference.
