Hope for Reading as club enter exclusivity period with potential buyer

Reading have entered an exclusive negotiation period with a prospective buyer as the League One side’s tenure under Dai Yongge looks closer to a conclusion.

The sale of the Royals would see Dai’s Shares, the stadium and the club’s training ground all given up as part of the negotiation.

Dai is very unpopular with the fanbase with the club currently 18th in League One.

The exclusive bidders were not named but the wider pool of interest is understood to have included US and Asian options, as well as German investor Daniel Loitz.

Loitz confirmed earlier this month on social media that he had offered £28.7m for the club and its facilities – he since deleted the posts.

A club statement read: “The club can confirm Mr Dai has committed to a letter of intent with a potential purchaser of Reading Football Club.

“The parties will now enter a period of exclusive negotiation to agree the final terms. The completion is expected to take up to two months, at which time the purchaser will be announced.

“The transaction would include the transfer of Mr Dai’s shareholding in The Reading Football Club Limited, as well as the Select Car Leasing Stadium and Bearwood Park training ground.

“The club will communicate with further updates when appropriate.”

A change of ownership would bring to an end a turbulent period for the Royals, whose fans have protested Mr Dai’s control of the club.

The club have been docked six points from their season total this year after Dai failed to fulfil the club’s financial obligations. A further two-point deduction has been suspended.