Reading owner Dai Yongge enters negotiations to sell League One club


Reading owner Dai Yongge has committed to a letter of intent to sell the League One club, it has been confirmed.

Dai — a Chinese businessman — has served as Reading’s majority owner since 2017, a tenure that has been marked from continuous protests from supporters.

The club have been hit with a raft of points deductions during Dai’s time in charge and were relegated to the third tier in May.

Dai had held talks over selling the club’s Bearwood Park training ground to local rivals Wycombe Wanderers but has now abandoned that plan in favour of selling the club outright.

A statement read: “The club can confirm Mr Dai has committed to a letter of intent with a potential purchaser of Reading Football Club.

“The parties will now enter a period of exclusive negotiation to agree the final terms. The completion is expected to take up to two months, at which time the purchaser will be announced.

“The transaction would include 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 ground.

“The club will communicate with further updates when appropriate.”

Alongside multiple points deductions, Dai has also been hit with sanctions for his management of the football club.

In January, Reading were handed a suspended three-point penalty after a pitch invasion by their fans caused their League One fixture against Port Vale to be abandoned.

That game was initially suspended after 16 minutes and then abandoned after Reading supporters refused to leave the Select Car Leasing Stadium pitch in protest at Dai.

Under Dai’s tenure, Reading’s total points deduction stands at 18 following the latest sanction last month.

Reading sit 18th in League One, six points above the relegation places.

go-deeper

GO DEEPER

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(Warren Little/Getty Images)





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