Chinese Siblings Complete Take-Over Of Reading FC

Chinese Siblings Complete Take-Over Of Reading FC

Chinese brother and sister Dai Yongge and Dai Xiu Li have become the majority shareholders of Reading football club

The pair began negotiations to purchase a 75% stake from the Championship club’s Thai owners in November.

The Premier League, who have a say in takeovers of clubs who could compete in their league, had been reported to be “cautious” about the deal.

Reading reached the Championship play-off final with a 2-1 aggregate victory over Fulham on Tuesday.

The English Football League released a statement on Wednesday which said they have “no objections to the change of control application made by Reading Football Club”.

The statement added: “Following a full review of the transaction, the EFL has insisted upon – and the club/new owners have agreed – to a number of additional reporting requirements including enhanced financial monitoring, so as to ensure that their performance is consistent with the application we have considered.”

Yongge and Xiu Li previously unsuccessfully tried to purchase Hull City, with the deal falling through amid speculation that they had not met the Premier League’s fit and proper person’s requirements.

Reading’s previous Thai owners, who will retain a minority stake, had been in control of the club since September 2014.

“One of my first priorities will be to visit the development site for the new training ground,” Dai Yongge told the club website.

“We also intend to revisit stadium extension plans with the vision of creating world-class facilities at the club.”

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