EFL says Reading sale is 'progressing towards completion'

Reading’s takeover is ‘progressing towards completion’, according to a statement released by the English Football League this week.

 A deal for the sale of the club from Dai Yongee to Rob Couhig’s Redwood Holdings was agreed in principle on May 3, ahead of the Royals' final game of the season at home to Barnsley.

The EFL deadline for the deal to be concluded expired on Monday at 5pm BST, however, no unexpected hiccups are expected with the league confirming it’s ‘received further documentation over recent days’. It added a further update would be shared ‘in due course’

BBC Sport reports this extension is for ‘final legal and administrative obligations to be completed’.

The club also announced losses of £12.1m for the 2023-24 season after submitting its accounts.

  The Royals are now up to date with their published finances having only released their accounts for the 2022/23 campaign in March when they revealed a loss of £21.7m.

This means the club will hope to be able to operate in the upcoming transfer window after having a series of embargoes placed upon them recently to limit their activity.

  The new owners will be hoping to invest in the Royals as they look to build upon this season’s impressive - and unexpected - seventh place finish in League 1.