Reading FC Faces Imminent Suspension Threat as EFL Grants Owner Extension to Sell Club
In a dramatic turn of events, Reading FC has been granted a lifeline by the English Football League (EFL) to stave off suspension, as the club’s owner, Dai Yongge, races against time to sell the struggling team. Dai, who was disqualified under the league’s stringent owners’ and directors’ test in February, was initially given a 28-day period to offload his shares to avoid potential consequences.
The EFL, following a crucial meeting of its board, has now extended the deadline until 22 April, providing Dai with a last chance to salvage the situation. The club had been teetering on the brink of suspension, facing the risk of being unable to participate in matches if significant progress was not made in the ownership transition.
Amidst mounting debts and legal issues in China, Dai Yongge and his sister, Dai Xiu Li, acquired Reading FC back in May 2017, just before the team suffered a heartbreaking defeat in the Championship playoff final. The EFL remains cautiously optimistic about Dai’s renewed commitment to selling the club, with ongoing dialogues and negotiations aimed at securing a swift resolution.
Potential buyers have already emerged on the scene, with American businessmen Robert Platek and Rob Couhig reportedly expressing interest in acquiring the club. Reading FC has reiterated its dedication to avoiding suspension at all costs, emphasizing the importance of maintaining normal operations and ensuring the well-being of its staff, supporters, and the local community.
In a recent statement, the EFL emphasized the urgency of finalizing the sale process to dispel the current air of uncertainty surrounding the club’s future. The complex nature of the club’s assets, held across various entities with competing interests, has added a layer of intricacy to the ownership transfer, prompting the EFL to grant an extension to facilitate a comprehensive resolution.