Reading FC granted further time by EFL to complete sale of the club

Reading FC released a statement yesterday (Tuesday) confirming that they’d agreed terms with a buyer over the sale of the football club and had been granted an extended deadline by the English Football League to complete the deal.

This is the second time the EFL has given the Royals more time to complete the sale since owner Dai Yongge was disqualified under its Owners' and Directors' Test.

They now have until May 5 to complete the sale. The first extension ran until April 22, and they now have another 13 days to finalise the agreement.

Reading re-entered talks with an un-named buyer in early April and said at the time they were in ‘advanced dialogue’ over the sale of the club. This latest statement talks about further progress being made towards the sale of the club, which will include the Select Car Leasing Stadium and Bearwood Park training facility.

The club statement read: “Reading Football Club can confirm further progress has been made towards the sale of the club, with the transaction including the Select Car Leasing Stadium and Bearwood Park Training Facility. As a result, The EFL has agreed for a further extension until May 5th for the transaction to be completed.

“The terms of the deal have been agreed between the club's current owner Mr Dai and the buyer, whose identity must remain confidential at this stage. Both parties will now work to complete the necessary steps to complete the takeover.

“The buying party will be supporting the club’s immediate financial obligations until the transaction is complete, and as such, day-to-day running of the club will be unaffected.

“The club would like to thank all supporters, staff, and players for their contribution to the club in recent times. The performance at First Team and Academy level has been outstanding and all attention is on supporting the teams to finish the season strongly.

“Further communication regarding next steps will be issued once appropriate.”

The EFL responded with a statement of their own confirming the extension for Yongge to "divest his interests" in the club.

If he fails to do so within the agreed time frame, the EFL has to power to stop Reading from playing matches.

"Earlier today, the EFL board granted a further extension until Monday 5 May for Mr Dai Yongge to divest his interests in Reading FC," the EFL said., external

"Since our last update on 3 April, further progress has been made in respect of the proposed sale of the club.

"As a result, the board deemed it appropriate to agree to the club's request to allow more time for matters to be concluded in accordance with EFL regulations."

Reading could yet finish in the League 1 play-offs. The Royals are seventh in the division, level on points with Leyton Orient who sit in the final play-off spot just above them. They have two fixtures left, away to Bristol Rovers on Saturday (12.30pm kick-off) and at home to Barnsley on Saturday, May 3.