A businessman with connections to Formula 1 has reportedly agreed to a £50 million deal, which might doubtlessly result in a takeover within the close to future.

Chinese billionaire Dai Yongge, who has been accountable for Reading for six years, could also be near divesting his possession within the League One staff.

That’s after it was advised he’s set to promote the membership to British businessman William Storey, who has ‘agreed’ a £50million deal for its takeover. Yongge bought a controlling stake in Reading in May 2017, however the third-tier aspect finds itself in a extra determined monetary state following its relegation on the finish of final season.

The Mirror reported Storey – who was as soon as a significant investor in Formula 1 staff Haas – is able to get a deal throughout the road after productive talks. Reading had been despatched all the way down to the third stage of English soccer final time period after incurring a six-point penalty for breaching the EFL’s profitability and sustainability guidelines.

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Their cash woes have dragged into the present marketing campaign after being hit by two extra penalties this season. The Royals had been docked one level in August after failing to play their gamers’ wage on three events final time period, then had been handed one other suspended three-point penalty final month after failing to deposit the required sums of their accounts.

However, it seems Storey has noticed a challenge value investing in as Reading search to regain their place within the Championship. Former Southampton boss Ruben Selles has taken simply 9 factors from his first 11 video games this season, with the membership at the moment in League One’s relegation locations.

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Storey has failed with earlier bids to take over second-tier golf equipment Sunderland and Coventry City. However, it seems he has succeeded together with his Reading try, a deal that’s believed to incorporate the Select Car Leasing Stadium, in addition to the membership’s state-of-the-art coaching facility at Bearwood Park.

It’s understood Storey has vowed to clear Reading’s debt, whereas the intention has been signalled to spend money on the membership’s squad. The Royals are at the moment serving a switch embargo as a result of their unreliable funds and are prevented from signing any new gamers that don’t meet very particular situations.

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Richmond native Storey, 45, was beforehand concerned in an ill-fated sponsorship of F1 outfit Haas, an settlement that was terminated in September 2019. Rich Energy has been linked with different sponsorship offers in motorsport, whereas Storey additionally beforehand managed boxer Frank Buglioni.

Fresh laws imply the Football League’s match and correct proprietor check might be extra meticulous earlier than the takeover will be made official. But after a prolonged search in search of his entry into the soccer market, Storey seems to have discovered his breakthrough in Berkshire.