“Contrary to reports…” – Reading FC deliver clear takeover update

Reading FC have provided an update on a potential takeover after reports William Storey was set to buy the club.

Reading have confirmed that they have not reached an agreement with any interested party over the sale of the club.

Reading deny reports of William Storey takeover

The Royals’ financial struggles are well-known, so fans have been protesting to try and force owner Dai Yongge out of the club.

However, supporters were concerned when it was reported last night that British businessman William Storey was in line to buy the club in a £50m deal.

Storey has a somewhat chequered past, so some are concerned whether he would be the man to guide the club out of the mess they find themselves in.

But, it seems the update had jumped the gun, as the club released a statement on Thursday that clarified the situation, where they stated that no agreement has been reached with any party.

Reading Football Club would like to clarify that the process of the sale of the club is ongoing and, contrary to reports, there is currently no agreement in place with any party.

Several parties have approached the club in recent weeks with declarations of interest in purchasing the club. All approaches are being assessed on their own merits to find the most suitable buyer to ensure a healthy future of the club and, at this stage, no single individual or entity has exclusivity in this process.

We thank our supporters for their continued support, patience and understanding. As ever we will endeavour to keep our fans as informed as possible, and further updates will be provided as and when it is appropriate to do so.

What does this mean for Reading?

Obviously, the takeover from Storey isn’t at as advanced a stage as had been claimed, and that will be a relief for the fans, as there are many who think further issues would arise with Storey in charge.

But, the main positive is that the club has revealed that there is plenty of interest from buyers, which is what they need right now.

As we all know these things can take a long time, so hopefully there will be more positive news in the weeks ahead.

In the short-term, Ruben Selles and the team will just be trying to get points on the board, as they hope to climb the table and get out of the relegation zone.

Of course, in the long-term, a takeover is required as the mismanagement from Yongge has left the club in a dreadful position, with several points deductions which have already contributed to their relegation from the Championship.

What next for Reading?

Following on from that, you would expect discussions to continue between Yongge and prospective buyers, and, as outlined above, you can’t really put a timeframe on when it will happen, but hopefully it’s as quick as possible.

In the meantime, the fans are sure to make their feelings of the current regime clear on matchdays, but they will continue to support the team as they look to get back on track.

Selles’ men are back in action at Charlton Athletic on October 21.

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