Reading FC takeover update revealed after concerns revealed | OneFootball

A party have seen their period of exclusivity extended by Reading as they attempt to secure a takeover of the club, according to the Reading Chronicle.

The Royals announced during the latter stages of March that Dai Yongge intended to sign a period of exclusivity ahead of a potential sale of the club.

This news came less than two weeks after the Berkshire club revealed that they were in the process of selling their training ground to fellow League One club Wycombe Wanderers.

The Chairboys opted against pushing through the sale just days after this plan was revealed, with a protest at Adams Park grabbing the media headlines.

With a period of exclusivity starting and the club managing to keep themselves afloat in League One, following a very difficult 2023/24 campaign, things were looking up for the Royals.

And judging by developments on the Companies House website, it looks as though the exclusive bidder is fully committed to getting a sale over the line.

Bloomberg named Chiron Sports Group as the party that secured the period of exclusivity, but this period ran out earlier this week and that gave the Royals a decision to make on whether it would be extended.

Latest on Reading FC's takeover situation

Yesterday afternoon, the BBC reported that the deal was at risk of collapsing, with officials at the Select Car Leasing Stadium set to decide whether to proceed with the current bidders or whether to choose another party to engage with.

The article added that both owner Dai Yongge and key figure Nigel Howe are insistent that this takeover deal must make progress in the next seven days if they are to continue engaging with Chiron.

The price of the club is thought to be a key sticking point at this stage, with Mr Dai thought to be frustrated at the fact the exclusive bidders are "chipping away" at the asking price.

It's also thought that the party haven't undergone the EFL Owners' and Directors' Test at this stage, which is a major worry for fans.

The one positive for the Royals is the fact that there are other parties interested in acquiring the club if this deal doesn't end up going through.

They will have to wait before they engage in discussions with the club though, with the exclusivity period being extended. The party will cover the club's HMRC bill for this month.

Reading FC need to get a move on ahead of pre-season

Pre-season may be some time away still, but the takeover situation needs to be sorted as quickly as possible.

Rotherham United and other clubs are already moving to make signings - and it doesn't look as though a takeover is imminent at the SCL Stadium.

That is a concern, but takeovers can often take a long time and the length of time it's taking to get a sale through shouldn't be a big worry for supporters.

What is slightly worrying, however, is the fact Chiron haven't undergone EFL tests yet.

Those tests can take a long time to complete, so Chiron and the club need to get a move on.