Reading: Club confirm advanced takeover talks with ‘alternative bidder’

Reading have switched talks to an alternative buyer with just under a fortnight left to go until the EFL-imposed deadline for the League One club to find a new owner.

The Royals entered an exclusivity timeframe with a potential purchaser back in February as they sought to bring an end to a long-running takeover saga.

But that period has expired and the club said on Wednesday they are now in “advanced dialogue” with an “alternative bidder”.

Owner Dai Yongge has 13 days to sell up or risk the club, who sit sixth in the table despite their off-field issues, being suspended by the English Football League.

Last month, the EFL announced Yongge had been officially disqualified under the EFL’s Owners’ and Directors’ Test.

They originally told the Chinese businessman he needed to sell the club by 5 April but they extended that deadline last week until 22 April.

“Negotiations between the parties are proceeding in a professional and positive manner, with full recognition from all concerned of the need to bring a sale of the club to a conclusion for all stakeholders, including players, staff and supporters,” said a statement on the club website, external.

American businessman and lawyer Rob Couhig has previously tried to buy the club and said that he would still like to do so.

Last month, Yongge attempted to get a court injunction against Couhig, claiming the former Wycombe Wanderers owner was blocking his attempt to sell the Royals. Couhig denied the claim.

The club said they are trying to complete the sale at the “earliest opportunity” and expect to meet the deadline, and that wages would be paid in full in the meantime.