WILLIAM Storey has announced his withdrawal from the Reading FC ownership race.
The Rich Energy founder confirmed that the consortium of investors he had led were no longer pursuing their bid to buy the Royals, despite claiming that they had been granted exclusivity.
In a statement posted on X, formerly Twitter, on Wednesday morning, he said: “After signing a contract and exclusivity in October, we entered a period of due diligence. Our accountants have reported.
“My investors and I have decided not to proceed. I wish the club and loyal fans the very best and hope they get an owner who will invest for long-term success.”
After signing a contract & exclusivity in Oct we entered a period of due diligence. Our accountants have reported. My investors & I have decided not to proceed. I wish the club & loyal fans the very best & hope they get an owner who will invest for long term success #readingfc
— William Storey (@richenergyceo) November 1, 2023
On Wednesday, October 11, The Telegraph reported that Royals owner Dai Yongge had “broadly agreed” terms of a £50 million sale of the football club, in a deal which included the Select Car Leasing Stadium and the Bearwood Park training facility.
The news was poorly received by Reading fans, with pressure group Sell Before We Dai releasing a statement laying out their reservations about Storey’s interest where they cited his failed Sunderland and Coventry bids and short-lived sponsorship of F1 team Haas.
A helicopter displaying The Frasers Group logo was seen in the car park of the Select Car Leasing Stadium on Sunday, prompting speculation that Mike Ashley could be interested in purchasing the Royals.