Crisis-hit club Reading have been granted an extension by the EFL to complete their takeover.
The club`s Chinese owner, Dai Yongge, was originally given until April 22 to sell the Berkshire-based team.
Dai was disqualified under the league`s owners` and directors` test in February due to debts and court rulings against him in China.
The League One side, currently making an unexpected push for the play-offs, has been on the market for nearly 600 days.
A statement released on Wednesday confirms that the EFL has granted the Royals this extension.
Club Statement
“Reading Football Club can confirm further progress has been made towards the sale of the club, with the transaction including the Select Car Leasing Stadium and Bearwood Park Training Facility.”
“As a result, The EFL has agreed for a further extension until May 5th for the transaction to be completed.”
The statement also noted that the buyer`s identity will remain confidential for now. However, the unnamed investor will cover the club`s `day-to-day running` costs until the takeover is officially completed.
“Both parties will now work to complete the necessary steps to complete the takeover. 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 club would like to thank all supporters, staff, and players for their contribution to the club in recent times. The performance at First Team and Academy level has been outstanding and all attention is on supporting the teams to finish the season strongly.”
“Further communication regarding next steps will be issued once appropriate.”
On the Pitch
Reading currently sits seventh in League One, one position outside the play-off places.
They are level on points with Leyton Orient, with only two matches remaining.
Reading`s final two games of the season are against Bristol Rovers and Barnsley.
If they achieve promotion to the Championship, it will mark their return to that level since being relegated in 2023.
Dai Yongge`s Ownership
Dai acquired a 75 percent stake in Reading in 2017, shortly after Jaap Stam`s team lost the Championship playoff final to Huddersfield.
Under his ownership, the Royals have faced multiple points deductions and were relegated to League One in 2023.
Following fan protests, Dai put the club up for sale later that same year.
Earlier this month, it was reported that former Wycombe owner Rob Couhig had made a £25 million offer to take over the Berkshire club.
