The English Football League has granted Reading Football Club an extension for Dai Yongge to divest his shares as the club announced that it has ‘agreed terms’ of the deal
Yongge was disqualified as an owner by the EFL in February and were originally given a deadline of until April 5 to sell the club.
Reading FC confirmed tonight that they have ‘agreed terms’ on a deal which will see former Wycombe Wanderers chairman Rob Couhig purchase the club.
The EFL then announced on March 27 that they had extended the deadline until April 22 due to the due to the complicated nature of the deal due to the structure of assets held across different companies.
Having not met that deadline of April 22, the EFL has now given Yongge until May 5 to sell the club as they stated that they are satisfied that progress towards a deal is being made.
A statement from Reading FC reads: “Reading Football Club can confirm further progress has been made towards the sale of the club, with the transaction including the Select Car Leasing Stadium and Bearwood Park Training Facility. As a result, The EFL has agreed for a further extension until May 5th for the transaction to be completed.
“The terms of the deal have been agreed between the club’s current owner Mr Dai and the buyer, whose identity must remain confidential at this stage. Both parties will now work to complete the necessary steps to complete the takeover.
“The buying party will be supporting the club’s immediate financial obligations until the transaction is complete, and as such, day-to-day running of the club will be unaffected.
“The club would like to thank all supporters, staff, and players for their contribution to the club in recent times. The performance at First Team and Academy level has been outstanding and all attention is on supporting the teams to finish the season strongly.
“Further communication regarding next steps will be issued once appropriate.”
