Reading FC provide new takeover update | OneFootball

Reading have released a statement to update supporters on the ongoing takeover negotiations with an unnamed party.

Reading have released a statement confirming that negotiations are ongoing with an unnamed party who are looking to buy the club, but they admit that it is a complex process.

Former Wycombe Wanderers owner Rob Couhig was in a period of exclusivity with current owner Dai Yongge over the summer, and given that the American businessman had met the players and staff and regularly attended Reading's games, it seemed as though talks were heading in the right direction.

The deal had even been given approval from the EFL, but in mid-September, it was announced that Couhig's takeover had fallen through after the two parties failed to reach an agreement, and all loans were paid back to him.

It was a devastating blow to supporters who had hoped that Couhig would be the man to end Yongge's disastrous seven-year tenure, during which the Royals have had a total of 18 points deducted and suffered relegation to League One, but it was revealed that a new prospective buyer had entered into a period of exclusivity, and they are providing funds to run the club until the takeover is completed.

While those discussions are still on track, there could be further complications ahead in Reading's ongoing takeover saga as Couhig is reportedly set to take a claim to the High Court in an attempt to force Yongge to sell the club to him.

Despite the off-field turmoil, it has been an excellent season so far for the Royals on the pitch, and Ruben Selles' side currently sit seventh in the table, level on points with the play-off places.

Reading issue takeover update

In a statement, Reading revealed that negotiations are continuing with the prospective buyer, and they confirmed that both parties are committed to completing a deal, while they also promised to provide regular updates to supporters.

"Reading Football Club would like to provide an update following the club's last formal communication on 7th October 2024," the club said in a statement on their official website.

"In the previous statement it was confirmed negotiations had begun with a party looking to purchase the club, this process remains ongoing. The transaction has proved to be a complicated and lengthy process, however despite these obstacles, both the selling and buying parties remain committed to complete at the earliest opportunity.

"While discussions remain ongoing, the day-to-day operations remain in place with the club navigating cashflow challenges to meet its obligations. Full focus will remain on operating as prudently as possible until the sale is completed to new investors who can take the club forward.

"The club understands our supporters' eagerness for a resolution to the ongoing sales process. We are committed to providing updates when substantive information is available, or at least monthly until the sales process is complete."

While it is positive that discussions are ongoing with the unnamed party, the statement will do little to reassure Reading supporters.

After Couhig's takeover came so close before collapsing at the last minute, the long-suffering Royals fan base will not be getting carried away about any developments until a deal is completed.

Few Reading supporters have faith in Yongge to sell the club, and the fact that Couhig is set to take legal action will only reinforce that belief, despite the club insisting that he remains committed to finding a buyer.

It continues to be a worrying and uncertain time for the Royals, but with Couhig still seemingly determined to buy the club and negotiations continuing with the prospective buyer, there are reasons to be optimistic that Yongge's nightmare reign will soon be over.