Reading FC have released a new statement regarding updates on the takeover process, confirming that talks with the party in exclusivity last month have now expired.
The club has now been up for sale for more than 500 days with no resolution found as of yet.
The club’s statement reads: “The club can confirm exclusivity with the buyer cited previously has now expired.
“Discussions with alternatives are underway with the focus remaining to sell to a buyer who has the intent and resource to take the club forward.
“Several credible bidders have declared interest, some with experience in navigating football transactions, and the club are working with all relevant stakeholders to agree terms at the earliest opportunity.
“Whilst the club acknowledges the previously failed transactions are disappointing for everyone, especially our supporters, it is anticipated the legal and due diligence work completed so far will prove advantageous when trying to move new bids forward.
“Despite funding concerns last month, the club can confirm HMRC and staff wages were fulfilled on time with Mr Dai contributing funds towards this.
“Contrary to speculation, the winter transfer window was not pre-planned as an opportunity to solve the club’s short-term funding due to the limitations in replacing any outgoings.
“In the case of Sam Smith, having previously rejected lower bids, the fee payable by Wrexham ultimately proved too significant. Whilst the club was not looking to sell, there was a requirement to balance this versus the short-term financial security such a large fee would provide.
“For Tyler Bindon, the expiration of his contract at the end of this season led to significant external interest. The Club’s priority from the outset was to keep Tyler for the remainder of this campaign given his importance to the first team squad. However, an attractive proposal from Nottingham Forest presented an opportunity for the club to benefit financially, as well as retaining Tyler’s short-term services.
“Despite several clubs making offers for other players, none were deemed proceedable as the club aimed to maintain the strength of the playing squad.
“In the most recent statement dated the 30th of December, an ongoing litigation proceeding against Mr Dai was confirmed.
“Whilst the club will make no comment about the nuances of these proceedings, it is not anticipated that this case will impede the ongoing sales process or prevent the club advancing with prospective bidders.
“The club will continue to provide monthly updates until the sale is complete and thanks its supporters, staff and players for their patience since the last statement was provided, as well as their overall support.”
