Highlights
- Reading’s financial chaos is to blame for their current state and potential relegation.
- Current owner Dai Yongge is in talks with potential buyers, including former Newcastle owner Mike Ashley.
- The club is hopeful that a takeover will be completed by the new year, bringing much-needed stability and the possibility of reinforcements to avoid relegation.
To say that Reading have suffered a fall from grace would be an understatement. It doesn’t feel all too long ago that they were one of the sides vying for a place in the Premier League, but issues away from the pitch soon built up, resulting in relegation into League One. And if some thought they were in for an easy ride in England’s third tier, then they have quickly been proven wrong.
The Royals sit rock bottom of the division and on course for back-to-back relegations in what would be a devastating decline. In need of some good news, a recent report has provided a major update on Reading’s takeover, as they look to finally get back on track.
Latest Reading takeover news
Reading’s downfall has not been due to their work on the pitch. Instead, it’s been the financial chaos that has caused their current state, with current owner Dai Yongge responsible for financial breaches which have led to a total deduction of 16 points during his time at the helm. The consequences of the club’s financial difficulties don’t end there, either, with a winding-up order placed by HMRC before Yongge settled an overdue tax bill. If any club needs a takeover, it is Reading, and they are reportedly edging closer to exactly that.
According to John Percy of The Telegraph, Yongge has flown to England ahead of takeover talks with two potential buyers. Those buyers are reportedly former Newcastle United owner Mike Ashley and Genevra Associates, who are an investment group based in Luxembourg. If the current owner agrees to a sale, the takeover could be completed by the new year, in what would come as a major relief for all involved at Reading.
Speaking about the potential sale of the club, head of football operations Mark Bowen said in a statement via The Telegraph: “Daily operations at the club continue to be hamstrung by cashflow problems, the search for new owners is encouraging but naturally time-consuming.
“We are in constant discussion, negotiation and engagement with an encouraging number of individuals who, we believe, are all capable of making viable takeover bids. It is very difficult to speculate on the timescales involved, but I am very positive that this process is now nearing a much-needed conclusion.”
Reading edge closer to takeover
The fact that Yongge has flown in can only be a good sign, and the sooner he sells the club, the better. If Reading can regain some kind of financial stability, they may yet avoid the drop in League One. As things stand, Ruben Selles’ side are as many as seven points adrift of safety with a game in hand on Carlisle. There’s still plenty more action to take place, however, and the Royals have an opportunity to save themselves.
If the proposed takeover is completed by January, then Selles may even receive the chance to welcome some much-needed reinforcements who could make all the difference in the second half of what has so far been a disastrous League One campaign.
