Supporters' Trust at Reading [STAR] have outlined the reasons for a 'slower takeover than originally hoped.'
STAR have been in regular contact with Nigel Howe, the club's former CEO who has been tasked with selling the club, since the Royals were put up for sale in September 2023.
Agreeing to a period of exclusivity with an unnamed party back in March, Mr Howe had targeted the end of June to conclude a takeover.
With talks seemingly ongoing, STAR requested a meeting with Nigel Howe to discuss the sale’s progress.
— Supporters’ Trust At Reading (@STARReading) June 18, 2024
Mr Dai remains determined to sell and we can confirm multiple parties remain interested in the club - talks are progressing although it has been a slower process than…
However, this exclusivity period expired without a deal and talks remain underway with multiple parties as the new 2024/25 campaign sits just 50 days on the horizon.
Updating supporters on Tuesday, STAR said: "We pushed Nigel to explain why it is a longer than anticipated sale timeline. This appears to be due to the ownership complexity of the various companies that make up the football club, along with the higher-than-average running costs for a League One side due to Bearwood & a larger-than-average League One stadium."
In under six months, Howe is set to be banned from footballing activities due to breaching FA Rules relating to agents.
The club are unable to partake in the transfer window until governing bodies receive assurances of the ownership situation being solved.
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