Reading Football Club’s long ongoing takeover saga finally looks as if it is nearing an end after the club announced that they had agreed exclusivity at the start of the week.
Although the club will not reveal the identity of the potential buyer, it has been reported that American businessman Robert Platek is the person who looks to complete the purchase of the Royals.
He has previous experience in owning European football clubs having owned Sonderjyske in Denmark, Italian side Spezia and he is still the owner of Portuguese side Casa Pia.
Some fans are rightly cautious not to get carried away before a deal is finalised with the club having already been in a period of exclusivity four times previously.
However, having announced that a ‘letter of intent’ with the potential purchaser has been committed, the parties are hoping to find a quick conclusion to negotiations.
Reading Today understands that all parties are hopeful that a deal will be concluded by April with the takeover seeing the transfer of Dai Yongge’s shares in Reading FC, the Select Car Leasing Stadium and Bearwood Park training ground.
It is also believed that the EFL (English Football League) have given its approval for the proposed deal to reach the latter stage of negotiations before it can be fully ratified.
It was reported in The Guardian on Tuesday that there could be a potential ‘conflict of interest’ in Platek’s proposed purchase of the club due to being co-head at a firm that has lent money to several EFL clubs.
Platek is co-head at BDT & MDT partners who lent money to EFL clubs during the covid-19 pandemic including Burnley, West Brom, Derby and Sunderland.
Although the EFL has declined to comment on the matter, Reading Today also understands that the EFL are aware of this Platek’s situation with other clubs and it is not expected to have an impact on his potential purchase of Reading.
In Reading FC’s statement on Monday, they said: “The parties will now enter a period of exclusivity to complete final due diligence and legally complete the transaction. Whilst timelines cannot be guaranteed, the structure of the deal should allow for a quick completion, which would be for the benefit of all concerned.
“Further updates will be communicated once appropriate.”
