Charlton Athletic, Leyton Orient and Birmingham City League One rivals close to takeover

Charlton Athletic, Leyton Orient and Birmingham City League One rivals Reading have entered exclusivity in talks with a potential buy to end a farcical takeover saga at the Berkshire outfit.

The Royals have entered a ‘period of exclusivity’ with a potential buyer before but talks have fallen through. In a statement shared on Monday, Reading said that the club is hopeful this deal can be completed quickly and would be "for the benefit of all concerned".

The potential buyer is unnamed but is in talks to purchase Dai Yongge’s shareholding in the club, as well as the Select Car Leasing Stadium and the Bearwood Park Training Facility in Wokingham. The League One outfit has endured a turbulent few years under Yongge’s ownership, falling into the third tier following points deductions and transfer embargoes.

Charlton Athletic and Leyton Orient rivals close to takeover

Yongge has been a shareholder in the clyb for nearly eight years. A statement on the club website read: “Reading Football Club can confirm it has committed to a letter of intent with a potential purchaser of the club.

“The parties will now enter a period of exclusivity to complete final due diligence and legally complete the transaction. Whilst timelines cannot be guaranteed, the structure of the deal should allow for a quick completion, which would be for the benefit of all concerned.

“Whilst we understand our supporters' wish to know the purchaser’s identity, at this stage, confidentiality is preferred to complete at the earliest opportunity. The club can confirm the agreed sale includes the transfer of Mr Dai’s shareholding in The Reading Football Club Limited, as well as the Select Car Leasing Stadium and Bearwood Park Training Facility. Further updates will be communicated once appropriate.”

Reading sit ninth in the League One table and are one of the sides pushing for promotion, alongside Charlton Athletic, Leyton Orient and Birmingham City. The Blues look to be runaway winners in the third tier with six points and two games in hand on second-placed Wycombe Wanderers.

Reading a ‘good side’ in League One, says Nathan Jones

Just three points separate Leyton Orient in sixth and Charlton Athletic, Bolton Wanderers and Reading below them. The Royals had been flying higher in the table under the management of Ruben Selles, but the former Southampton manager was snapped up by Hull City in the Championship at the start of December.

The Addicks faced Reading as recently as January 4, the two sides playing out a 0-0 draw after a busy run of festive fixtures. Speaking ahead of that game, Charlton Athletic manager Nathan Jones said: “Noel [Hunt] has done really well since he went in there, including a good 3-1 win away to Cambridge United on New Year's Day. They are a good side with some real threats, but we come into the game in form and focused on being the best versions of ourselves.

“We’ve had some tough games lately. Reading are in good form and we’ve also had tough games against them too, but we always say that it's about us. We have to be the best versions of ourselves.”