Reading FC announce exclusivity on sale of club
Reading FC have announced owner Dai Yongge has submitted a letter of intent with a potential purchaser of the club.
This action means that both parties have entered a period of exclusive negotiations, with a final sale expected to take around two months - providing negotiations progress well and the purchaser meets the English Football League's 'Fit and Proper Person Test'.
The club has confirmed that the transaction would include the sale of Reading Football Club Ltd, along with the Select Car Leasing Stadium and the Bearwood Park training facility.
As of yet, no official statement has been made on who the potential purchaser is, however in recent weeks sources close to the club indicated three potential parties: Luxembourg-based investment management firm Genevra Associates, North American sports media group Sports.com, and the Wilf family, owners of the Minnesota Vikings American football team.
The news offers a light at the end of what has been a long and protracted tunnel, with the club suffering 18 points deducted under the seven year tenure of Dai Yongge for failure to pay staff and HMRC, with a further two points currently suspended.
Last year, Reading were relegated to League One, the third flight of English football, for the first time in 20 years, and the club was forced to part ways with a number of key staff in December of the same year.
Reading currently sit 18th in League One, six points clear of the relegation zone.
