Reading have moved a step closer to being sold, the League One club have confirmed.
Owner Dai Yongge has been looking to sell the club since September 2023 following a series of points deductions in recent seasons.
GettyReading have entered a period of exclusivity with a potential purchaser[/caption]
Supporters have also staged multiple protests against the Chinese businessman’s ownership.
Those protests include a petition from supporters’ group Sell Before We Dai which was backed by 8,400 signatures.
The petition asked MPs to launch an investigation and scrutinise the club’s ownership over recent seasons.
However, the Royals have now entered a period of exclusivity with an interested party ahead of a potential takeover.
Yongge previously agreed a £30million deal to sell the Royals to American lawyer Rob Couhig, the Athletic reported in November 2024.
A statement read: “Reading Football Club can confirm it has committed to a letter of intent with a potential purchaser of the club.
“The parties will now enter a period of exclusivity to complete final due diligence and legally complete the transaction. Whilst timelines cannot be guaranteed, the structure of the deal should allow for a quick completion, which would be for the benefit of all concerned.
“Whilst we understand our supporters’ wish to know the purchaser’s identity, at this stage, confidentiality is preferred to complete at the earliest opportunity.
“The club can confirm the agreed sale includes 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 Facility.
“Further updates will be communicated once appropriate.”
Yongge purchased an initial 75 per cent share in Reading in 2017 before later taking full ownership of the club.
The Royals have since faced off-field difficulties, with breaches of the EFL’s Financial Fair Play rules and unpaid taxes leading to points deductions and a winding-up petition from HMRC.
After an initial six-point deduction during the 2021/22 season, the club were relegated from the Championship the following campaign after the same penalty was applied to their points tally.
Reading were also hit with more points deductions in League One last term, totalling six points as they finished 17th in the third tier.
Noel Hunt’s side currently sit ninth in the table after 32 matches this season after a goalless draw with league leaders Birmingham on Saturday.
The Royals are just three points adrift of the play-off places with 14 matches remaining.