Reading enter advanced takeover talks to end Dai Yongge’s ownership

Reading are in advanced talks with Genevra Associates, an investment group based in Luxembourg, over a takeover of the stricken League One club.

Genevra is hopeful of being granted exclusivity later this week to buy the club from unpopular owner Dai Yongge.

It is understood that progress over the proposed takeover has been made in recent days and though negotiations are ongoing, talks are said to be moving towards a conclusion.

Yongge, the Chinese businessman, is under heavy pressure from supporters to end his turbulent six-year reign and has been in talks with a number of parties.

Mike Ashley, the former Newcastle owner, was also under consideration but Genevra are now in the front seat to complete a deal.

If talks continue to progress, a takeover could be concluded by January, though Genevra will have to pass the owners’ and directors’ test with the English Football League. Derby’s takeover by local businessman David Clowes last year was completed in 17 days.

Reading have been docked 16 points under Yongge in the past three seasons and are currently bottom of League One.

Yongge has recently attended an EFL hearing over a misconduct charge and could be banned from the sport if found guilty by an independent commission.

Reading fans have frequently protested against Yongge’s ownership this season, with tennis balls being thrown on to the pitch to delay home matches and marches taking place beforehand.

Greg Double, a spokesperson from protest group Sell Before We Dai, said: “This club is begging to be saved and a new owner will likely be hailed as a saviour, but this support is conditional. We have no issue with owners looking to profit from the club as long as the club profits, too.

“If there is any good to come out of this situation it’s that Reading fans have been somewhat radicalised. Hopefully that serves as a warning to any prospective new buyer.”