Reading Football Club has reached an agreement of exclusivity with an unnamed party over the takeover of the club from Dai Yongge.
This means that club owner Dai Yongge has chosen his preferred bidder which now gives them a period of time to complete the deal without being eclipsed by a rival party.
After a long process which has seen the club hit with multiple punishments for the financial misdemeanours of Dai Yongge, it now appears that his seven year spell at the club is finally coming to an end.
As well as being punished on the pitch, Reading staff and players have faced uncertainty after wages have been paid late several times during Yongge’s reign at the club.
A statetment from the club reads: “The club can confirm Mr Dai has committed to a letter of intent with a potential purchaser of Reading Football Club.
“The parties will now enter a period of exclusive negotiation to agree the final terms. The completion is expected to take up to two months, at which time the purchaser will be announced.
“The transaction would include the transfer of Mr Dai’s shareholding in the Reading Football Club Limited, as well as the Select Car Leasing Stadium and Bearwood Park training ground.
“The club will communicate with further updates when appropriate.”
