Reading Football Club are quickly approaching the new deadline set by the English Football League (EFL) for a takeover to be completed.
The Royals were given an extension by the EFL until Tuesday, April 22 for a sale to be finalised after current owner Dai Yongge was disqualified in February in order to try and force him to divest his shares in the club.
Reading fans have had to endure a nightmarish reign under Dai Yongge, who took control of the club in 2017.
Since then, the club has had numerous points deductions, financial issues including late payment of staff and a takeover saga which has lasted for more than18 months.
Reading were recently in a period of exclusivity with American businessman Robert Platek, however that has now ended with the parties unable to reach an agreement on a sale.
Meanwhile, former Wycombe Wanderers owner Rob Couhig still remains on the scene having tried to purchase the club last year.
After talks broke down at the final stages, it ended with both parties taking out legal action against each other.
Mr Justice Jacobs oversaw a court battle in March between Redwood Holding Ltd, owned by Couhig, and Renhe Sports Management, the company which Dai Yongge owns Reading FC.
The judge ruled that Dai’s attempts to get an injunction against Couhig were rejected and argued that the sale of the club can still continue.
Couhig has alleged that the club broke exclusivity rules and is claiming more than £12m in loss of potential profits.
Due to his holding of the liens over the club, it appears that a deal will be very complicated to be completed unless it is sold to Mr Couhig, which now appears as the most likely outcome.
The threat of a suspension hangs over the club if they do not meet next Tuesday’s deadline.
The EFL has said that it is very reluctant to suspend the club from the football league, although they do have the power to do so.
However, they have admitted that they have discussed what action could take place if the deadline is not met, which could include Reading being suspended from playing matches.
