Reading FC takeover news: William Storey latest, truth about offer revealed, Genevra bid | OneFootball

Reading are in a desperate situation both on and off the pitch.

On the pitch, they are currently bottom of the League One table and eight points adrift of safety at this stage, with their deductions this season not exactly helping their cause.

They are firm favourites to be relegated to League Two - and not just because of their performances on the pitch.

Off it, the Royals are in danger of being deducted more points after being charged by the EFL for continued non-payment of monies owed to HMRC.

And it seems like it'll only be a matter of time before the club ends up in administration, with a takeover deal yet to be struck.

It's clear that owner Dai Yongge needs to sell the third-tier side sooner rather than later and with this in mind, we take a look at the latest takeover news involving the Berkshire side.

What did William Storey say after pulling out of Reading FC bid?

On Wednesday morning, former potential owner Storey took to X and revealed that his group had pulled out of the race to buy the Royals.

He posted: "After signing a contract & exclusivity in Oct[ober] we entered a period of due diligence.

"Our accountants have reported. My investors & I have decided not to proceed.

"I wish the club & loyal fans the very best & hope they get an owner who will invest for long term success."

The Telegraph that the Rich Energy CEO had agreed a £50m deal to purchase the club, but that didn't turn out to be the case.

Reading Chronicle journalist James Earnshaw has reported that parts of Storey's tweet are inaccurate.

He believes the businessman never signed anything and was never given a period of exclusivity to get a deal over the line.

As well as this, it's claimed that Storey never showed any proof of funds, nor did he reveal to the club who his backers were.

If this is correct, it never seems as though Storey was a serious bidder in this race and for the Royals' sake, you have to hope that his failed bid didn't take up too much of the club's time.

What is Dai Yongge's stance amid latest Genevra Associates bid?

During the early stages of October, it was reported by The Telegraph that current owner Dai had rejected a bid from Genevra Associates, who are an investment group.

And Sky Sports reporter Lyall Thomas revealed on Tuesday that a fresh bid from the group had been submitted, but Dai's valuation of the club is believed to be high still.

With this, administration could potentially be on the horizon and even though that will remove Dai from control of the club, football finance expert Kieran Maguire doesn't think this is guaranteed to be a positive for the Royals.

He posted on X: "Good news is that wages paid for October and overall wage bill substantially lower than last season.