Big Reading FC takeover update issued with "quick completion" claim made | OneFootball

Dai Yongge's nightmare tenure at Reading could soon be coming to an end, with a takeover now believed to be close.

Reading have released a statement confirming that they have committed to a letter of intent with a potential buyer, and they are hopeful that a takeover will be completed swiftly.

It has been a nightmare few years for Reading under the ownership of Dai Yongge, with the club suffering relegation to League One, multiple points deductions, the sale of key players and ongoing off-field problems.

Long-suffering Royals supporters have seen multiple takeover attempts fail, the most recent of which came in September when former Wycombe Wanderers owner Rob Couhig's bid to buy the club collapsed at the last minute, and the American businessman has subsequently become involved in a legal battle with Yongge.

Despite the ownership turmoil at the Select Car Leasing Stadium and the departure of manager Ruben Selles to Hull City in December, Reading have maintained their promotion push in League One this season, with Noel Hunt's men currently sitting ninth in the table, just three points from the play-off places.

However, supporters have continued to protest against Yongge, and a petition set up last week asking the government to scrutinise the club's ownership has now been signed by more than 8,400 people.

After months of uncertainty, there may finally be light at the end of the tunnel for Reading supporters after the club released a statement on Monday afternoon revealing that they are optimistic a takeover could be completed soon following a breakthrough with a potential buyer.

"Reading Football Club can confirm it has committed to a letter of intent with a potential purchaser of the club," the club said in a statement on their official website.

"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."

After seeing many previous takeover attempts collapse, Reading supporters will not be getting too carried away after the latest update, but it does seem as though good news could be on the horizon for the club.

Of course, the deal still needs to be finalised, and there is plenty of uncertainty surrounding the takeover bid as the identity of the potential buyer is unknown, but the fact that they are willing to purchase Yongge's shares, as well as the stadium and training ground, does suggest that they are committed to taking the Royals forward.

While Reading have had a positive season on the pitch, it should not be underestimated just how desperately a takeover is needed at the club, and supporters will be hopeful that Yongge's disastrous reign may finally be coming to an end.