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Nigel Howe targets ‘mid May’ for deal to be completed – Reading Today Online

Nigel Howe targets ‘mid May’ for deal to be completed – Reading Today Online

Nigel Howe gave the latest update on Reading FC’s takeover and is targeting ‘mid May’ for a deal to be complete.

The former CEO has been tasked by current owner Dai Yongge with overseeing a sale of the club.

Speaking to BBC Berkshire radio, Howe said: “The situation over the training ground (with Wycombe) is over I think we can clearly say that is not going to go forward.

“That allows it to revert back to where we were prior to that which is to get on with the original buyers.

“Different individual buyers who have expressed interest with a letter of intent which allows us to move forward to an understanding of how their funds work and then go to the league to get their say so that these people will be able to perform

“You then go into an eight week process, it’s a tortuous route.

“Everyone asks me what the time frame is like, the supporters group want a weekly update but those things don’t move that quickly.

“We’ve seen the purchase of football clubs take six or seven months.”

Having originally set a target of late March/early April, Howe has now said that he hopes for the deal to be completed in May.

He continued: “We’re working through a process and that’s my programme to get through. Mid May hopefully we will be sorted.

“I know I forecast earlier dates but it’s hard to understand where you’re going to end up on a week by week basis.

“We’ve had lots of approaches from around the world. We’ve looked at every single one. It’s quite clear that Mr Dai is committed to selling the club at the earliest opportunity.

Speaking on the rumours circulating on social media, Howe said: “Some of its true, some of its not true.

“Some of the organisations don’t have the money required to buy the club. What everybody forgets is that the first process is to make an offer that mr Dai will accept. The second part is they have to pass the owners and directors test.”

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