Reading’s owners will decide within the next day whether to sell the club to an unknown possible bidder or to consider proposals from other interested parties.
In March, the Royals entered a period of exclusivity with an unnamed party after owner Dai Yongge signed a letter of intent.
This agreed-upon term expired on Tuesday, and the next 24 hours will determine whether Reading will proceed with the sale to the group with exclusive rights or look elsewhere.
In the latter case, BBC Radio Berkshire believes that other parties have expressed an interest in buying the club.
According to a club source, additional interested parties had “piled in” but Reading were unable to communicate with them while the exclusivity agreement was in place.
According to BBC Radio Berkshire, one of the sticking points with the group that has maintained exclusive rights is the acquisition price.
According to the source, Yongge is becoming increasingly unhappy with interested parties “chipping away” at the price established for the sale of the Select Car Leasing Stadium and its Bearwood Park training complex.
The original bidder has not yet taken the EFL’s Owners’ and Directors’ Test because it is a consortium and it is unclear who the intended and named owner will be.
Former Reading CEO Nigel Howe is in charge of brokering the club’s sale, and he is working with Yongge, who wants to sell his shares.
Yongge and Howe are adamant that activities must take place within the next seven days or they will likely seek to sell the club with another interested party.
The Royals finished the League One season in 17th place, despite Ruben Selles’ side losing six points for financial irregularities.
GET MORE NEWS HERE
Leave a Reply