Reading have agreed a takeover, in principle, with controversial British businessman William Storey, according to the Telegraph.
The 45-year-old Rich Energy founder has a chequered past, including a short-lived sponsorship with F1 team Haas and failed attempts to acquire Sunderland and Coventry City.
According to the report, Storey has "has pledged to clear club debt in a deal understood to be worth around £50 million and which includes the stadium and the state-of-the-art Bearwood Park training ground."
It continues, "Storey is understood to have bought the club outright, albeit having sourced some of the funding from wealthy backers."
Well I must admit this has come as a shock. I had always been led to believe by numerous people in/around the club that he would not pass the Directors test. Looks like this is still to come according to the Telegraph #readingfc
— James Earnshaw (@james_e1871) October 11, 2023
He now needs to pass the EFL Owners and Directors Test, which could reportedly take up to six weeks.
The Reading Chronicle had previously been told by sources at the club that Storey is 'unlikely' to pass the EFL test.
He has been vocal on social media, tweeting multiple times from the training ground.
It is known that at least three parties have been interested in purchasing the club in recent weeks.
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