Reading FC takeover latest: New twist emerges, Dai Yongge "frustrated" | OneFootball

Reading survived in League One this year but they require a takeover deal to get over the line if they are to get the fresh start they crave and give themselves a chance of thriving in the future.

They dropped out of the second tier after a long stay in the division, spanning 10 seasons. An embargo, transfer restrictions, and a points deduction were all contributing factors to their downfall during the 2022/23 campaign.

The Royals were then concerned about back-to-back relegations, sitting in the bottom four in League One for much of the season, but were able to enjoy the last day of the 2023/24 campaign, with their 3-2 win against Blackpool and party in a local pub in the evening likely to live long in the memory of supporters.

With off-field problems still impacting the club, the supporters continued to protest throughout the season, and their game against Port Vale was abandoned earlier in the campaign after fans had invaded the pitch, making a sale their number one priority, now the season has been finalised.

Reading had long since confirmed that Dai Yongge was looking to sell the club at the ‘earliest opportunity’ as fans push for him to leave. The club then released a statement via their official site, which explained that he is actively looking to sell Reading.

However, with the situation developing all the time, here we have taken a look at some of the latest news and biggest headlines coming out of the club regarding the takeover.

Takeover update revealed

Following the recent takeover reveal, the BBC are now reporting a new twist in the takeover saga - that Reading's owners will decide in the next day whether to sell the club to an unnamed potential buyer, or to begin considering bids from other interested groups.

They report: "The next 24 hours should reveal if Reading will proceed with the sale to the group that had exclusivity or look elsewhere. In the latter eventuality, however, BBC Radio Berkshire understands there are others expressing an interest in buying the club.

"A source at the club said other interested parties had 'piled in' but that Reading were unable to speak to them while the exclusivity agreement was in place. BBC Radio Berkshire understands one of the stalling points with the group that has held exclusivity is the price of the purchase.

"The source says Yongge is growing frustrated at the interested party 'chipping away' at the price that has been set for the sale of the Select Car Leasing Stadium and its Bearwood Park training centre. "The original bidder has not undergone the EFL's Owners' and Directors' Test yet as it is a consortium and is undecided who the intended and named owner would be. Former Reading chief executive officer Nigel Howe is in charge of brokering the sale of the club and is working alongside Yongge, who is looking to sell his shares.

"Yongge and Howe are insistent events must progress within the next seven days or they will likely look to pursue the sale of the club with another of the interested parties."

Takeover talks confirmed

The Royals have been up for sale for some time now after a turbulent and difficult period under Yongge that has led to numerous penalties from the footballing authorities, and questions over the club's existence. The off-field issues are well-documented, with the players having not had their wages on time in the past and the club's issues with HMRC over payments.

Speaking on BBC Radio Berkshire recently, presenter Kirsten O'Brien provided some hope to fans, who are keen to see a sale go through as quickly as possible.

She said: "We have talked so much about it (Reading's situation). But now, there are rumours that the club is going to go ahead with its sale later this week, apparently. That's what we're hearing."

For fans who have been starved of concrete updates on the club's sale, this was a potentially exciting update, and it appears O'Brien's information is correct after Swiss company Chiron Sports Group reached an agreement to buy the League One side from Yongge, as revealed this week.

There was positive news back in March as it was revealed that Chiron Sports Group had entered a period of exclusivity. And, now, in a further development, Football Insider stated that an agreement has now been reached between the parties.

Carlton Palmer's reaction to Reading takeover reveal

Speaking to Football League World, ex-England international CarltonPalmer explained just how important it is for Reading to get this finalised, as he claimed they could start dreaming of promotion if everything was in place to give Selles backing for new additions.

He said: “This is fantastic news for Reading Football Club and the supporters. It has been a terrible time under Yongge, as he has missed payments, players haven’t been paid, point deductions, so Reading have done incredibly well to stay in the league given everything that has gone on.

“They finished 17th in League One, now hopefully there will be some investment into the club, and you would like to think that after all the problems, if they’re run properly, and they’re giving financial backing, they could make a charge to get promotion next season, or at least to be in the running for the play-offs.

“It’s great news for the players, the fans, and let’s hope they have a brighter future. It’s all looking good, and the quicker this gets done, the better.”

Reading's fine for Michael Olise/Crystal Palace transfer

It's not all been good news for Reading, as Crystal Palace winger Michael Olise's agent has been banned for six months for breaching rules surrounding a future transfer of the player from whilst he was at Reading in 2019.

Reading have been fined £200,000 for their part in the breach, while the club's chief executive officer at the time, Nigel Howe, has been suspended for 12 months and fined £5,000 by an independent regulatory commission. The BBC are reporting that Reading's head of football operations, Michael Gilkes, and club secretary, Sue Hewett, were warned over their future conduct for their involvement in the matter.

"All clubs are extremely vulnerable to losing talented players that they have spent many years nurturing and developing," the statement read.

"It remains a challenge to navigate and negotiate such deals in the best interests of the football club and these young players.

"On this one occasion, the club’s conduct fell short of the high standards with which we usually operate, and the club is committed to ensuring this will not happen again.

"Nigel, Sue and Michael have each worked for and represented Reading FC in an exemplary fashion for over 20 years. There has been no prior history of offences, nor any since."