Reading FC takeover latest: What is going on?

FLW have looked at the latest takeover news at Reading FC.

It’s been a very turbulent few years for Reading Football Club.

The Royals found themselves at the bottom end of the Championship for a period of time before they suffered relegation to League One last season.

The team has once again gotten off to a slow start in a season as a result of that and their violation of the EFL’s Profit and Sustainability rules, as they lost points prior to the first kick of the ball.

The club has been punished harder even if the results on the field haven’t been all that poor due to the ongoing problems off the field.

Dai Yongge was docked a point in August for repeatedly failing to pay employees and players’ wages on schedule and in full during the previous campaign.

It was then confirmed three more would be coming off due to Yongge’s failure to submit a value equivalent of 125 percent of the club’s monthly wage bill into a bank account by the relevant deadline.

This has increased the anger Reading FC fans have towards their owner, and they are desperate for news of any possible takeover.

Reading FC issue ownership update

Reading FC have confirmed in a recent statement that they have yet to settle an outstanding tax bill with HMRC, and that has placed them under a transfer embargo.

The Royals announced on their official website that the club has yet to pay this outstanding tax bill which was due on Friday 22nd of September.

This has meant the club has been placed under a transfer embargo, which isn’t a big deal at this moment as the transfer window is shut.

But it does mean that if the club fails to pay this bill, it could be on the verge of another winding-up order from HMRC.

Despite this worrying update from Reading, there was some good news in the statement, as it added Dai Yongge’s willingness to sell the football club.

What is the latest on William Storey’s proposed Reading FC takeover?

While interest has emerged in buying Reading, it has been kept rather quiet about who may be keen on a purchase. However, one figure we do know who is keen on possibly buying the football club is William Storey.

It was first reported in September, that Storey who has a rich energy drinks brand, was indeed interested in purchasing Reading and was even holding meetings with the club.

Storey then added smoke to the fire, as he tweeted after the Royals dispatched Exeter City 9-0 in the Papa John’s Trophy and then uploaded a picture of him at the club’s training base.

While Storey seems keen on a purchase, businessman Kieran Maguire seems the potential new owner wouldn’t pass the EFL’s Owner and Directors’ test.

Since then, Storey has responded on Twitter stating that Maguire has embarrassed himself and has insisted his comments will have no effect on his potential takeover of the club.

What is Dai Yongge’s valuation of Reading FC?

It is not surprising to learn how much Yongge values Reading FC given that it appears that all parties are trying to reach a deal for the team.

According to The Athletic, Yongge is looking for around £70-£80 million to sell the Royals and that includes its assets as well.

Yongge’s holding company owns the Select Car Leasing Stadium as well as the Bearwood training facility, and they would both be included.

While this report adds that Yongge is owed £83 million in loans from the club following his investment over the years, and it may be that he is trying to get some of that money back.

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