Genevra Associates is back in the running to acquire League One club Reading.
Back in November, they were thought to be on the verge of securing exclusivity, but no formal deal was reached.
A party may be granted exclusivity before the end of the month.
According to The Telegraph, Luxembourg-based hedge firm Genevra Associates has re-entered the contest to acquire League One club Reading.
The Royals were the subject of attention from the same party in November, and it was considered that they were on the point of getting exclusivity that month, but the transaction fell through.
However, they appear to have unfinished business with the Berkshire outfit, and are determined to push a takeover proposal through with
The struggling third-tier team is in serious need of a sale.
Current owners Dai Yongge and Dai Xiu Li have been targeted by demonstrations in recent months, with a pitch invasion taking place in January in supporters’ frantic attempts to persuade him to sell the club – and exclusivity might be granted to a possible bidder before the end of the month.
There were and still to be legitimate fears about administration and probable liquidation, particularly given that the Royals are still in danger of relegation at this point, but many supporters are hopeful that their torment under the Dai brothers’ supervision will soon be over.
Genevra isn’t the only player in the battle for a takeover agreement; two other bids are on the table, and Mr Dai is thought to be close to picking his favorite bidder.
By the end of the month, the club hopes to have signed a letter of intent with this preferred bidder, which will include numerous details, including the timing for a prospective sale.
Former Wigan Athletic chairman Talal Al-Hammad was involved in discussions last year when Genevra attempted to acquire control of the club, but it’s unclear whether that’s still the case now.
Reading FC shortage issue is going to be resolved
Many Royals supporters have expressed alarm over the alleged £1 million gap.
They even work together to raise funds for the club through ticket sales.
According to The Telegraph, however, this gap is expected to be met by sponsorship monies, ruling out the idea of deducting another two points in the immediate future.
This automatic deduction will be triggered if HMRC and salaries are not paid this month, but it appears like the Royals will escape this fine, which will be reassuring to supporters who are concerned about the impact of another deduction on the squad.
