League One side Reading have confirmed that club owner Dai Yongge has reached an agreement with a prospective buyer. The two sides have now entered into an exclusive negotiating session as a result of this move. Assuming everything goes according to plan, the ultimate transaction should take around two months.



Reading, the Bearwood Park training facility, and the Select Car Leasing Stadium will be sold as part of the deal.



“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”, <a href="https://www.readingfc.co.uk/news/2024/march/26/Club-Statement-26Mar24/" target="_blank" rel="noreferrer noopener">a statement said</a>.



No formal announcement on the identity of the prospective buyer is available at this time. Nevertheless, three groups emerged in the last few weeks as possible suitors.



There is the Wilf family, owners of the Minnesota Vikings, and Sports.com, a US ownership group that is interested in Reading. The third option mentioned was Genevra Associates, an investment management firm based in Luxembourg.



<figure class="wp-block-image size-large"><figure class="image"><img loading="lazy" width="1200" height="670" src="https://ds-images.bolavip.com/news/image?src=https://images.worldsoccertalk.com/webp/full/WST_20240327_WST_497676_Reading-FC-squad-1200x670_82f062c1.webp&amp;width=1200&amp;height=670" alt="" class="wp-image-497749" srcset="https://worldsoccertalk.cms.futbolsitesnetwork.com/wp-content/uploads/sites/6/2024/03/Reading-FC-squad-1200x670.jpg 1200w, https://worldsoccertalk.cms.futbolsitesnetwork.com/wp-content/uploads/sites/6/2024/03/Reading-FC-squad-300x168.jpg 300w, https://worldsoccertalk.cms.futbolsitesnetwork.com/wp-content/uploads/sites/6/2024/03/Reading-FC-squad-768x429.jpg 768w, https://worldsoccertalk.cms.futbolsitesnetwork.com/wp-content/uploads/sites/6/2024/03/Reading-FC-squad.jpg 1280w" sizes="(max-width: 1200px) 100vw, 1200px"></figure></figure>



<h2>Things looking up?</h2>



The announcement brings relief after a long and arduous ordeal; during Dai Yongge’s tenure, the club lost 18 points due to nonpayment of workers. What’s worse, two more points are temporarily suspended.



The sale of the Royals’ state-of-the-art Bearwood training facility to Wycombe Wanderers, a local team, marked the end of another turbulent week in Berkshire. A petition with more than 5,000 signatures may stop the <a href="https://worldsoccertalk.com/english-league-one-tv-schedule">League One</a> club from finalizing the deal. Also, supporters have even gone as far as to demonstrate outside Adam’s Park, home of the Chairboys.



Reading suffered its first relegation to English soccer’s third tier, League One, in 20 years last year. What’s worse, in December of the same year, they had to let go of many important players and employees. Though things may not be as bleak as they seem.



<h2>Second time a charm for US ownership at Reading?</h2>



It has now come to light that the team in negotiations is based in North America, and that they have surpassed Genevra Associates to become the preferred bidders. They are reportedly well along in the process and may reach an agreement in principle within the next week, the <a href="https://www.telegraph.co.uk/football/2024/03/26/reading-takeover-talks-north-american-group-usa-dai-yongge/" target="_blank" rel="noreferrer noopener">Daily Telegraph</a> says.



Despite a lack of involvement in Bearwood’s sale, former CEO Nigel Howe is acting as a broker for the transaction.



In their last-ditch effort to remain in League One, the Royals came dangerously close to providing exclusivity to the Swiss firm Genevra Associates just before Christmas. However, negotiations broke down.



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Fresh US buyers in advanced talks with League One's Reading

League One side Reading confirmed that club owner Dai Yongge has reached an agreement with prospective US ownership.

In a unique move, Reading owner Dai Yongge has agreed to sell the team’s training ground to local rivals Wycombe Wanderers. The English <a href="https://worldsoccertalk.com/english-league-one-tv-schedule/">League One</a> club only previously moved into the state-of-the-art facility back in 2019. At the time of construction, the $64 million ground showed a direct intention of returning to the <a href="https://worldsoccertalk.com/premier-league-tv-schedule/">Premier League</a>.



Nevertheless, the Royals have struggled since suffering relegation from the top flight following the 2012/13 campaign. Although they nearly earned promotion in 2017, Reading fell in the playoff final on penalties to Huddersfield. The Berkshire side finished 20th in the <a href="https://worldsoccertalk.com/championship-tv-schedule/">Championship</a> the following season. After a few years of stagnation in the second tier, Reading eventually dropped to League One in 2023.



<h2>Financial issues have fueled the move to sell the massive facility</h2>



Although the training ground, Bearwood Park, has not changed hands just yet, Dai has approved the deal. “Whilst an agreement is not yet finalized, both parties will move forward with the process exclusively,” <a href="https://www.readingfc.co.uk/news/2024/march/14/Club-Statement-Proposed-Sale-of-Bearwood-Park/" target="_blank" rel="noreferrer noopener">stated</a> Royals Chief Executive Dayong Pang.



“The proposed transaction will directly support the short-term funding of the club until a full sale can be concluded. Further updates, including possible options for an alternative training facility, will be communicated when appropriate.”



<figure class="wp-block-image size-large"><figure class="image"><img loading="lazy" width="1200" height="652" src="https://ds-images.bolavip.com/news/image?src=https://images.worldsoccertalk.com/webp/full/WST_20240314_WST_495100_Reading-training-ground_-1200x652_dbb8e7df.webp&amp;width=1200&amp;height=652" alt="" class="wp-image-495130" srcset="https://worldsoccertalk.cms.futbolsitesnetwork.com/wp-content/uploads/sites/6/2024/03/Reading-training-ground_-1200x652.jpg 1200w, https://worldsoccertalk.cms.futbolsitesnetwork.com/wp-content/uploads/sites/6/2024/03/Reading-training-ground_-300x163.jpg 300w, https://worldsoccertalk.cms.futbolsitesnetwork.com/wp-content/uploads/sites/6/2024/03/Reading-training-ground_-768x417.jpg 768w, https://worldsoccertalk.cms.futbolsitesnetwork.com/wp-content/uploads/sites/6/2024/03/Reading-training-ground_-1536x835.jpg 1536w, https://worldsoccertalk.cms.futbolsitesnetwork.com/wp-content/uploads/sites/6/2024/03/Reading-training-ground_-2048x1113.jpg 2048w" sizes="(max-width: 1200px) 100vw, 1200px"></figure></figure>



As the executive alluded to, Reading has faced fairly serious financial problems in recent years. The club earned a six-point deduction earlier this season due to the issues. Selling the 120-acre facility will help team officials pay player wages and government bills in the near future. Failure to pay these debts could result in yet another points deduction. If this happens, Reading’s place in the third-tier league would be under threat.



Because of the club’s financial difficulties, Dai has been looking to sell the club. Several investors have shown interest in Reading over the last few months. However, the move to part ways with the training ground has hindered these potential agreements. <a href="https://theathletic.com/5339939/2024/03/13/wycombe-reading-training-ground-bearwood-park/" target="_blank" rel="noreferrer noopener">The Athletic</a> reports one possible buyer has walked away from a deal due to the selling of Bearwood Park.



<h2>Reading will likely have to rent a new training ground</h2>



Wycombe’s interest in purchasing Reading’s training facility makes sense for multiple reasons. The Wanderers have been on the lookout for a training ground since they failed to acquire another area. Just 20 miles separates the two English clubs. Reading’s financial issues have certainly helped Wycombe’s search for a capable facility.



Both English clubs currently feature in League One as well. Reading, after the aforementioned points deduction, currently sits 18th in the 24-team table. Wycombe, on the other hand, is now four places higher in the standings and relatively safe from possible relegation. The two sides just played each other earlier in the month. Wycombe edged Reading in the match 2-1 thanks to a late penalty.



Reading fans can only hope that Dai’s rein at the helm will soon come to an end. The historic club previously sold their stadium to a company owned by the Chinese businessman. Assuming the deal for the training facility goes through, Reading will essentially have lost its two biggest assets in recent years.



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Reading owner set to sell club's training ground to local rivals

The owner of EFL League One side Reading has sanctioned a deal to sell a $64 million training facility to local rivals Wycombe Wanderers.

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Fresh US buyers in advanced talks with League One's Reading

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Reading owner set to sell club's training ground to local rivals