Reading has agreed the terms with a buyer on the sale of the club and the English football league has extended the deadline to complete an agreement to May 5.
This is the second time that the EFL has given the reais more time to complete a sale since the owner Dai Yongge was disqualified under the proof of its owners and directors.
The first extension extended until April 22, and the club has now been given another 13 days to complete an agreement.
Reading came into conversations with a buyer in early April, with whom they said they were in “advanced dialogue.”
The club has now confirmed that the “more progress” has been carried out towards the sale, including the selection of the car lease stadium and the training facilities of Bearwood Park.
“The terms of the agreement between the current owner of the club, Mr. Dai [Yongge] and the buyer, whose identity must remain confidential at this stage. Both parties will now work to complete the necessary steps to complete the acquisition, “said the club.
“The purchase will support the immediate financial obligations of the club until the transaction is completed and, as such, the daily operation of the club will not be affected.”
The EFL confirmed that the second extension had been given by Yongge to “undo its interests” in the club.
If it does not do so within the agreed time period, the EFL has to stop reading the matches.
“Early, the EFL Board granted an additional extension until Monday, May 5 so that Mr. Dai Yongge disintegrates his interests in the reading of the FC,” said the EFL., external
“Since our last update of April 3, more progress has been made regarding the club’s proposed sale.
“As a result, the Board considered appropriate to accept the club’s application to allow more time for issues to be completed in accordance with EFL regulations.”
The reading is seventh in League one and levels the points with Leyton Orient, which sits in the last play-off’s place on them.
