Reading FC takeover update issued as significant £55m hurdle cleared | OneFootball

2025 could finally see the departure of Yongge after months of talks between different parties

There could finally be some light at the end of the tunnel for Reading FC fans, with the latest club update on a potential takeover detailing a significant hurdle relating to the Select Car Leasing Stadium being overcome.

The Royals have struggled financially for years now, and there have been many false dawns when it comes to maligned Chinese businessman Dai Yongge selling up to another party.

Ex-Wycombe Wanderers chairman Rob Couhig looked set to take the Berkshire outfit forward, but in September his bid dramatically fell through, which has left Reading fans concerned for the last three months, with no end in sight to their woes off the pitch.

Fresh news has been few and far between on Yongge's talks with the latest party to hold exclusive rights to negotiations, but the final update before 2024 comes to an end looks to be a more promising one.

In a fresh update from the current Reading hierarchy, it is stated that talks remain ongoing with the unnamed party that are keen on taking control of the sixth-placed League One outfit, but for now, the priority remains funding the club on a day to day basis, and making sure the finances are available to do just that.

However, one of the road block's that was stopping a deal from being done was a 'Stop Notice' that was in place against the Select Car Leasing Stadium, which was - as per The Guardian - implemented by Chinese bank Haitong.

The report claimed that Yongge still owed Haitong £55 million worth of a loan that was taken out, and failure to repay this in the event of a club takeover would see ownership of the SLC Stadium pass over to the Chinese bank.

That is now said to have been resolved though and the 'Stop Notice' now no longer exists, leaving a clearer path to the undisclosed party or consortium to agree a deal with Yongge and to end the uncertainty in Berkshire.

The statement also refers to 'ongoing litigation' from Couhig, who has filed a claim worth £12 million against Yongge after the American's takeover bid fell through over three months ago, over the breach of an exclusivity agreement and a potential loss of earnings.

Reading FC: Dai Yongge circus needs resolving once and for all

It appears that there are still some funds left for Yongge to keep on running the club for the time being, but all parties must want a resolution by now.

The lack of a takeover being completed does not help current Royals boss Noel Hunt either, as he will enter the January transfer window with the club still under a registration embargo for a breach of Regulation 16.7.4 Submission of Annual Accounts, meaning for now, there will be no fresh faces added to the squad.