EFL confirm ‘further progress’ in Reading FC takeover

The English Football League has provided an explanation for their decision to postpone Reading’s most recent deadline—the second stay

of execution this month.

Due to debts he owed in China in February, Dai Yongge was initially disqualified as an owner and given until April 3 to sell the club.

The club was granted an extension till April 22 despite a bidder, Robert Platek, dropping out and negotiations beginning with an

unidentified buyer.

The club declared that the terms of a sale had been agreed upon, and at 6.30 p.m. yesterday, it was revealed that the deadline would be

extended again until May 5.

The buyer will finance the team in the closing phases, and the Royals, who are now two games away from the playoffs on goal differential,

will finish out the season.

On Tuesday, the governing body expressed satisfaction that “further progress has been made in respect of the proposed sale of the Club”

in a statement outlining their decision.

The whole text was as follows: “Earlier today, the EFL Board gave Mr. Dai Yongge an additional extension until Monday, May 5, to sell his

shares in Reading FC, provided that he complies with all other EFL regulations.

Additional progress has been made regarding the prospective sale of the Club since our last update on April 3. The Board decided that it

was appropriate to grant the Club’s request for more time to resolve the situation in compliance with the EFL Regulations.

“As stated previously the League continues to monitor the Club’s immediate cash flow requirements.”