Hated EFL owner in advanced talks to sell club after abandoning plans to flog training ground to local rivals
READING owner Dai Yongge has begun "exclusive talks" with a potential buyer as he looks to sell the League One side.
Fans of the third-tier outfit have been in crisis under the Chinese businessman, 55, since he bought 75 per cent of the club in 2017.
They were relegated from the Championship last season during which they were crucially deducted six points for various off-field breaches.
They were then docked a point in August for breaching EFL regulations, with a further three suspended.
The following month they triggered their extra three-point deduction, after failing to deposit 125 per cent of their monthly wage bill into an account by a date agreed to by the EFL.
They then received their third points deduction of the season in February after they were docked an extra two points to take the total to six - and overall total since Yongge's takeover to 18.
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Earlier this month, reports emerged that Yongge was attempting to sell their Bearwood Park training ground to League One rivals Wycombe.
But, after that was put on hold due to "planning limitations", Reading supporters have finally received some positive news.
Yongge is entering into a "period of exclusive negotiation to agree final terms" with the potential buyer.
The identity of the other party has not yet been disclosed, but will be revealed when the deal is completed - which could take "up to two months".
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Reading timeline since Dai Yongge takeover
Here is how events have unfolded under Dai Yongge:
- May 2017 - Yongge takes control of 75 per cent of the club after they lost Championship play-off final on penalties to Huddersfield
- 2021 - Reading's accounts show pre-tax losses of £146million, with 234 per cent of its revenue spent on player wages
- 2023 - Reading breach Financial Fair Play rules and amass deductions totalling six points
- May 2023 - Reading relegated down to the third tier for the first time in 31 years
- August 2023 - Docked one point and issued a suspended three-point punishment for breaching EFL regulations
- September 2023 - Suspended three-point deduction triggered
- February 2024 - Docked two more points for yet more breaches
- March 2024 - Yongge attempts to sell training ground to fellow League One side Wycombe
- March 2024 - Selling of the training ground put on hold due to planning limitations
A released on Tuesday afternoon 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.
"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."
Despite the off-field turmoil and deductions amassing to six points this season, Reading still sit 18th in League One, six points clear of the relegation zone with seven games remaining.