Reading owner Dai Yongge abandons training ground sale as takeover moves closer

26 March 2024 , 14:18

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Reading owner Dai Yongge is in talks to sell the club (Image: Naomi Baker)

Reading owner Dai Yongge has committed to a letter of intent to sell the club, it has been announced.

It's also been confirmed that any potential deal would include the club's Bearwood Park training ground - just weeks after the Chinese business had entered talks to sell the state-of-the-art facility to local rivals Wycombe Wanderers.

A statement released by the Royals which confirmed a period of exclusivity would now begin was released on Tuesday afternoon. It 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.

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"The club will communicate with further updates when appropriate."

Reading fans have protested against Yongge on numerous occasions over the past few months and conducted another protest outside of Wycombe's home stadium following reports revealing the details of talks regarding the club's £50million training base.

Yongge has entered 'exclusive negotiations' with a potential buyer (JASONPIX)

The Royals and Wycome subsequently released a statement announcing that talks to acquire the facility had been "placed on hold".

Reading have been plagued by financial issues and seen 18 points deducted during Yongge's troubled tenure. The club are currently fighting to preserve their League One status after suffering relegation from the Championship last year.

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Dan Marsh