Reading Football Club have been granted an extension by the English Football League (EFL) for owner Dai Yongge to divest his shares in the club.
The original deadline for him to sell the club was April 5, however the EFL has now granted an extension until April 22.
The Royals have been up for sale for more than 500 days with the takeover situation still unresolved.
It was revealed last month that owner Dai Yongge had been disqualified by the EFL.
A statement from the EFL reads: “Following a meeting of the EFL’s Board earlier today, the League can confirm that following a request from Reading FC it has extended the time allowed for Mr Dai Yongge to divest his interests in the Club until 22 April subject to compliance with all other EFL Regulations.
“As stated previously, the League’s priority is to progress a sale of the Club at the earliest opportunity, in order to end the current uncertainty surrounding its future for its staff, supporters and wider community. While Mr Yongge is yet to divest his interests, as is required following his disqualification, discussions for him to do so remain active and ongoing.
“The Board recognised that these matters are further complicated by the structure of assets held across different companies, and various competing security interests, and therefore deemed it appropriate to allow more time for them to be resolved. In the meantime, the League will continue to monitor those discussions and the Club’s immediate cash flow requirements.
“The League has the power to suspend a Club if a Director fails to comply with the requirements of their disqualification. The terms of any suspension would be at the discretion of the Board, and while suspended Clubs are not permitted to fulfil League matches, they would continue to be a member of the League at that point.
“Following recent comments in respect of the circumstances around the approval of Mr Yongge’s acquisition of the Club in 2017, the League would like to reiterate that Mr Yongge was not subject to a sports governing body disqualification, including the Premier League, at the time of the acquisition.
“The reason Mr Yongge did not procced with a purchase at Hull City was related to the involvement of a separate individual.
“This individual was not involved in the subsequent purchase of Reading, and in the absence of any disqualifying condition, alongside ample evidence of source and sufficiency of funding, the EFL was obligated to confirm that Mr Yongge met the requirements of the Regulations.”
