[themaclad]

Reading have agreed terms with a buyer over the sale of the club and the English Football League has extended the deadline to complete a deal to 5 May.

This is the second time the EFL has given the Royals more time to complete a sale since owner Dai Yongge was disqualified under its Owners' and Directors' Test.

The first extension ran until 22 April, and the club have now been given another 13 days to complete a deal.

Reading re-entered talks with a buyer in early April, who they said they were in "advanced dialogue" with.

The club have now confirmed "further progress" has been made towards the sale, including the Select Car Leasing Stadium and Bearwood Park training facility.

"The terms of the deal have been agreed between the club's current owner Mr Dai [Yongge] and the buyer, whose identity must remain confidential at this stage. Both parties will now work to complete the necessary steps to complete the takeover," the club said.

"The buying party will be supporting the club's immediate financial obligations until the transaction is complete, and as such, day-to-day running of the club will be unaffected."

The EFL confirmed the second extension had been given for Yongge to "divest his interests" in the club.

If he fails to do so within the agreed time frame, the EFL has to power to stop Reading from playing matches.

"Earlier today, the EFL board granted a further extension until Monday 5 May for Mr Dai Yongge to divest his interests in Reading FC," the EFL said., external

"Since our last update on 3 April, further progress has been made in respect of the proposed sale of the club.

"As a result, the board deemed it appropriate to agree to the club's request to allow more time for matters to be concluded in accordance with EFL regulations."

Reading are seventh in League One and level on points with Leyton Orient who sit in the final play-off place above them.

[themaclad]

Reading FC's former chairman and owner Sir John Madejski said he was "absolutely delighted" the club will be taken over by American businessman Rob Couhig.

Sir John said he was pleased the "tyranny" of Dai Yongge's ownership is set to end with Couhig's takeover expected to be confirmed on Thursday.

The Royals' owner from 1990 to 2012 said he expected the "sensible, pragmatic" Couhig, who previously owned Wycombe Wanderers, to be successful.

The club finished the League One season in seventh place on Saturday, performing above expectations despite financial uncertainty dragging on through the season.

Sir John said he felt particularly sorry for staff who had been uncertain about getting paid.

"Everyone's got obligations and when you work in that kind of environment it's jolly scary and my heart goes out to them," he sai

The club's difficulties included a six-point deduction in the 2023/24 season for its men's team and regular protests from supporters against Yongge's ownership.

Its successful women's side – which had been in the Women's Super League as recently as May 2023 – now plays in the fifth tier after it exited the Championship in June following financial uncertainty.

"The good thing about Rob is he knows the industry. He earned his spurs at Wycombe so he does know about the game," Sir John added.

Sir John took over as chairman of Reading in 1990 and moved the club to the-then Madejski Stadium in 1998.

He oversaw its first promotion to the top flight in 2006 and a second promotion to the Premier League in 2012.

"So many owners we have had in the past, where they think they are going to make a huge difference and change everything, and quite frankly apart from having a lot of dosh they haven't got a clue," Sir John added.