Both on and off the field, Reading FC is in a desperate situation. They are currently at the bottom of League One and could lose points because they have not paid their outstanding debt to HMRC.
Despite earlier rumors of a £50 million deal, former prospective owner William Storey has withdrawn from the race to purchase Reading FC, casting doubt on the sincerity of his offer.
The club faces a new set of difficulties as current owner Dai Yongge turned down a bid from investment group Genevra Associates. If a deal isn’t reached, administration may soon be approaching.
Both on and off the field, the situation for eading is dire.
They are currently eight points outside of safety in League One and at the bottom of the table on the field, and their season-long deductions haven’t exactly helped their cause.
They are heavy favorites to drop to League Two, and it’s not just because of how well they play.
After being charged by the EFL for persistently failing to pay money owed to HMRC, the Royals run the risk of losing more points.
And since a takeover deal hasn’t been finalized, it appears that the club will soon find itself in administration.
We look at the most recent takeover news involving the Berkshire side in light of the obvious need for owner Dai Yongge to sell the third-tier side as soon as possible.
Former prospective owner Storey announced on X on Wednesday morning that his group had withdrawn from the competition to purchase the Royals.
“We entered a period of due diligence after signing a contract & exclusivity in October,” he posted.
“Our accountants have provided a report. I’ve decided not to move forward with my investors.
“I wish the club & loyal fans the very best & hope they get an owner who will invest for long term success.”
The CEO of Rich Energy had reportedly agreed to a £50 million deal to buy the club, according to a previous report from The Telegraph, but that didn’t work out.
A journalist reveals something about William Storey.
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