Potential £30million Reading takeover takes major step as club release statement

Reading have moved a step closer to being sold, the League One club have confirmed.

Owner Dai Yongge has been looking to sell the club since September 2023 following a series of points deductions in recent seasons.

Supporters have also staged multiple protests against the Chinese businessman's ownership.

The Royals have now entered a period of exclusivity with an interested party ahead of a potential takeover.

Yongge previously agreed a £30million deal to sell the Royals to American lawyer Rob Couhig, the Athletic reported in November 2024.

A statement read: "Reading Football Club can confirm it has committed to a letter of intent with a potential purchaser of the club.

"The parties will now enter a period of exclusivity to complete final due diligence and legally complete the transaction. Whilst timelines cannot be guaranteed, the structure of the deal should allow for a quick completion, which would be for the benefit of all concerned.

"Whilst we understand our supporters' wish to know the purchaser’s identity, at this stage, confidentiality is preferred to complete at the earliest opportunity.

"The club can confirm the agreed sale includes the transfer of Mr Dai’s shareholding in The Reading Football Club Limited, as well as the Select Car Leasing Stadium and Bearwood Park Training Facility.

"Further updates will be communicated once appropriate."

More to follow.