Genevra Associates’ takeover of Reading was due to Dai Yongge raising the price after an agreement was reached.
Reading FC takeover latest
It’s no secret that the Royals are desperate to be taken over, as they have been hit with several points deductions, and dropped to League One, due to the mismanagement from Yongge.
Therefore, there was some optimism last month when it was revealed that Genevra Associates, a European-based hedge-fund, were ready to purchase the club.
It was thought that a deal was at an advanced stage, and Yongge would finally have left the Berkshire outfit.
However, the deal hasn’t gone through, and journalist Anthony Smith has revealed that it was down to Yongge moving the goalposts at the last minute.
“Hearing Dai Yongge had agreed a fee with the Genevra Group for the sale of Reading, then upped the price at the 11th hour which scuppered the deal. Given this week’s news of numerous redundancies, it just highlights the desperate mess the club is in under his ownership.”
Reading FC off-field uncertainty set to continue
This is obviously not the news that Royals’ fans wanted, as they recognise the need for a new owner to come in to save the club.
So, this will continue to leave them in a state of uncertainty, and it could lead to further problems down the line, as we know that the EFL have recently shared an update on Yongge, where they put forward that he should be’ disqualified from all football activity’ for 12 months.
Ultimately, this is going to rumble on, and it means the future for Reading looks bleak, as they try to get back on track at some point down the line.
