HomeFootball NewsReading Deny There Is An Agreement Over The Sale Of The Club

Reading Deny There Is An Agreement Over The Sale Of The Club

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Reading have released an official club statement stating that there is no agreement in place with any party over the sale of the club, contrary to recent media reports.

It had been reported on Wednesday evening that William Storey had agreed to terms with the club over a £50 million takeover deal which still required approval from the EFL via their Owners and Directors Test.

The club statement has said that ‘several parties’ have approached the club ‘with declarations of interest’ but no ‘individual or entity has exclusivity in this process’ yet.

Storey was the subject of controversy in 2020 when his sponsorship of Formula 1 team, Haas, was prematurely ended after just one season, despite it initially being a multi-year contract.

Storey’s company, Rich Energy, was an energy drinks company based in Richmond in London and, despite West Ham United co-owner David Sullivan purchasing shares in 2018 and Haas stocking the energy drink in the 2019 season, no major or leading supermarkets in the United Kingdom sold the product.

The company, led by CEO William Storey, had attempted to purchase Force India before its administration but he was deemed not suitable to be the long-term of the team and the offer was dismissed.

He was rumoured to be involved in a takeover of Sunderland in July 2020 but CEO of the time, Jim Rothwell, did not comment on speculation regarding his involvement.

Reading were relegated from the Championship last season with significant off-field issues contributing to their relegation. They received a six-point deduction and have had two separate deductions of one and three points this season as they languish in the bottom four and relegation places of League One.

The owner of the club, Dai Yongge, has reportedly rejected several takeover attempts and the club remain in a perilous position, placed into another transfer embargo at the end of September as a result of an outstanding tax bill.

Jon Fisher
Jon Fisher
Jon has over 20 years' experience in sports journalism having worked at the Press Association, Goal and Stats Perform, covering three World Cups, an Olympics and numerous other major sporting events.

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