Reading have entered into “advanced” talks with a new prospective buyer after an exclusivity agreement with a previous bidder expired.
The League One side have had the deadline for the current owner Dai Yongge to offload the club extended by the EFL until 22 April and said steps have been taken to ensure financial liabilities are met during that period.
A previous statement on 27 March confirmed Dai’s commitment to divest his interests in the club, as stipulated by EFL regulations after he was disqualified from being a director. Updating the situation on Wednesday, a club statement read: “Since the last statement, the exclusivity period with the prospective buyer has now expired, and club representatives are now in advanced dialogue with an alternative bidder.
“Negotiations between the parties are proceeding in a professional and positive manner, with full recognition from all concerned of the need to bring a sale of the club to a conclusion for all stakeholders, including players, staff and supporters.
“Following a request from the club, last week the EFL extended the time allowed for Mr Dai to divest his interests in the club until April 22. The parties are working to complete negotiations at the earliest opportunity and expect to meet the EFL’s requirements.”
Despite the ongoing uncertainty over finances and ownership which have put the club’s survival in doubt in recent months, Noel Hunt’s team are sixth in the third tier and with five games to go are well placed to secure a playoff spot.
