Reading, a League One Club, Nears Acquisition by a British Entrepreneur from the F1 Sphere After Discussions with Current Owner Dai Yongge
Chinese billionaire Dai Yongge, who has led Reading for six years, may be about to relinquish his ownership of the League One team.
This comes after rumors circulated that he was about to sell the team to William Storey, a British businessman who has ‘agreed’ to pay £50 million to take over the team. In May 2017, Yongge acquired a majority ownership in Reading; nevertheless, the third-tier team is currently in a more dire financial situation as a result of their relegation at the conclusion of the previous season.
According to The Mirror, Storey, a former significant investor in the Formula 1 team Haas, is prepared to close a purchase following fruitful negotiations. Last season, Reading was demoted to the English Football League’s third division after receiving a six-point fine for violating the league’s sustainability and profitability guidelines.
Their financial problems have continued into the current season with two more penalties this year. After failing to play their players’ wage on three separate times during the previous term, the Royals were fined one point in August. Last month, they received another suspended three-point penalty for neglecting to deposit the required amounts into their accounts.
Storey seems to have identified a worthwhile objective, though, as Reading looks to get back into the Championship. With just nine points from his first 11 games this season, former Southampton manager Ruben Selles’ team is currently in the relegation zone in League One.
Unsuccessful Sunderland and Coventry City move
Storey’s attempts to acquire Sunderland and Coventry City, two lower division teams, have failed in the past. But it seems he’s been successful in his attempt to acquire Reading; the agreement is said to include the Select Car Leasing Stadium in addition to the club’s cutting-edge training facilities located at Bearwood Park.
Read also: Mysterious Interest in Sunderland: Why Fans Are Concerned, and the Stakes Involved
