Reading FC's owner Dai Yongge enters exclusive talks over the sale of the club

A recent fans protest at the Select Car Leasing Stadium in Reading

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The sale of Reading FC has moved a step close after owner Dai Yongge entered exclusive talks with a potential buyer.

Reading FC released a statement on the matter on Tuesday, claiming ‘Mr Dai had committed to a letter of intent with a potential purchaser’.

The sale is expected to take up to two months, at which time the club will announce which group or individual is behind the takeover.

The two parties are set to enter a period of ‘exclusive negotiation’ over the final terms of the deal which will include the transfer of Mr Dai’s shareholding in Reading Football Club Limited, as well as the Select Car Leasing Stadium and Bearwood Park training ground.

The club will provide further updates on the deal when appropriate.

The news will be a great relief to Reading Supporters’ groups who have been calling for Dai Yongge to sell the club at the earlier opportunity to protect its long-term future.

Earlier this month it looked like the club might sell its Bearwood Park training ground to Wycombe Wanderers, with the Chairboys keen on doing a deal but also enabling Reading to meet its tax obligations and operating expenses, including the payment of staff and players.

However, it was put on hold due to ‘planning limitations’, with the use of Bearwood Park seemingly limited to Reading FC under those restrictions.

At the end of February, Reading Football Club was hit with an immediate two-point penalty as a result of persistent late payments to HMRC in 2023. It followed a decision of an EFL Disciplinary Commission on February 26.

The club also received a further suspended two-point penalty, which will be activated should there be any further late payments to HMRC or identified football creditors this season.