Takeover of Portsmouth rival edges closer as troubled club begins exclusive negotiations
A deal for Reading FC is expected to take up to two months
Pompey rivals Reading have entered a period of exclusive negotiation with a prospective buyer as their takeover moves a step closer, writes PA Sport.
Highly-criticised owner Dai Yonge is looking to sell the troubled Royals and an interested party now has exclusivity. The deal would include Dai’s shares in the club as well as the stadium and training ground.
A club statement read: '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.'
League One rivals Wycombe confirmed they were in exclusive dialogue with Reading over the purchase of their Bearwood training facility, but that now looks off the table.
Reading have had six points deducted from their total this season so far after a series of failures by Dai to fulfil the club’s financial obligations under EFL rules, with a further two points suspended. They currently sit 18th - six points above the League One relegation zone.
Reading fans have been protesting against Dai’s ownership and in October threw tennis balls onto the pitch when Pompey visited the Select Car Leasing Stadium.