Reading set for takeover as ex-Formula 1 backer 'agrees' £50m deal for club

11 October 2023 , 21:24

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Reading are the subject of a £50million takeover bid from British businessman William Storey (Image: Naomi Baker)

League One outfit Reading are reportedly set to be purchased in a £50million deal by former Formula 1 team backer William Storey.

The Royals, who were relegated from the Championship last season, are in deep financial turmoil and fans have been protesting against unpopular owner Dai Yongge, who has been at the helm since 2017.

Reading's relegation was sealed after they were handed a six-point penalty for breaching the EFL’s profitability and sustainability rules and the crisis club have already been hit with two further point deductions this season. The Royals were also the subject of a winding-up petition from The HMRC back in June.

But Storey, whose energy drink Rich Energy briefly sponsored the Haas F1 team in 2019, has now 'broadly' agreed terms of a takeover with Yongge, according to The Telegraph. He is understood to have agreed to buy the club outright, however, the transaction will be subject to approval by the EFL.

Storey has previously been linked with takeovers of Coventry and Sunderland but has pledged to clear Reading's debt after reaching a breakthrough in his bid to become involved in football. The report claims that the deal will include the Select Car Leasing Stadium - Reading's home since 1998 - and the club's Bearwood Park training ground.

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Storey will now have to pass the Football League’s fit and proper owners test. It is hoped said process could be completed in six weeks, while he has also 'promised privately' to invest the playing squad once the current transfer embargo the club is under is lifted.

The Royals are currently third from bottom in League One following a difficult start to the season under new head coach Ruben Selles, who was appointed following his departure from Southampton in the summer.

William Storey's company, Rich Energy, briefly sponsored the Haas F1 team back in 2019 (Bryn Lennon)

Reading thrashed neighbours Swindon Town in the EFL Trophy in midweek, but their league form makes for far less pleasant reading. Selles' side have lost seven of their 11 games in League One so far this term, leaving fans underwhelmed.

Selles addressed those concerns earlier this week and made it clear that the challenging circumstances the club are currently operating under is having a negative impact on the pitch.

"People of course want us to just bounce back [after being relegated from the Championship]," he told BBC Radio Berkshire. "But the situation isn't allowing us.

"We have had the points deductions and we haven't been able to win some matches, so we need to put the situation in perspective. But I do accept that people were expecting more from us."

Dan Marsh