Reading Football Club has released a statement to update their fans on the takeover situation and have said they ‘remain positive’ in the desire to complete a deal as soon as possible.
The takeover process has dragged on for more than 500 days, but the club confirmed that they are still in exclusivity with an unnamed party, believed to be American businessman Robert Platek.
The club released its accounts for the 2022/23 season which means they were removed from the EFL embargoes list, however they confirmed that they are unlikely to file their accounts for the 2023/24 season before the March 31 deadline which means they will be put back under embargo.
The statement reads: “As was the case in the club statement dated 24th February, exclusivity remains in place with the proposed purchaser, with the sales proposal including the club, Select Car Leasing Stadium, and Bearwood Park Training Facility. All parties remain positive in the desire to complete a transaction at the earliest possible opportunity.
“Regarding the ongoing litigation case with Mr Couhig and last Friday’s Commercial Court hearing, the club can confirm that a formal proposal for alternative security has been made to Mr Couhig via his legal representatives. It is hoped that the proposal will be agreed quickly in resolution of the current security impasse, to facilitate the sales process.
“The club would also like to clarify the current position with the EFL, and Mr Dai’s disqualification as a Director. Under the terms of the disqualification, Mr Dai must now divest his interests in Reading Football Club and is committed to doing so to meet this requirement.
“Following earlier discussion with the EFL, the time allowed for the divestment to take place was extended until Saturday 5th April. Whilst the EFL Board ultimately has the power within its regulations to suspend the club amongst its options if Mr Dai’s interests are not divested by this date, we remain in close dialogue with the league with the full intention of avoiding this eventuality.
“The club can also confirm it has submitted its 2022/23 accounts to Companies House earlier this week, lifting the associated transfer embargo. Whilst the aim is to reconcile and submit the 2023/24 accounts as soon as possible, the club’s current position means it is highly unlikely these accounts will be filed before the EFL’s March 31st deadline at which point we will be placed under a new transfer embargo until the matter is resolved.”
