READING face a fresh transfer embargo amid uncertainty around their potential EFL disqualification.
The club have shared an update on the ongoing crisis at the club, which saw owner Dai Yongge disqualified by the EFL due to his debts in China.
Yongge failed the owners and directors test and must sell up or Reading will be disqualified from the EFL.
The Royals are subject to a takeover and the sale is still ongoing.
An exclusivity period is in place that will see the prospective owner buy the club, the stadium and the training ground.
However an ongoing litigation case with Rob Couhig is holding up the sale process.
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Couhig, who previously owned Wycombe Wanderers, had agreed a £30million deal to buy the Royals.
But the deal subsequently collapsed with Couhig claiming he lost more than £12m in potential profits after Reading broke their exclusivity agreement.
Reading released a statement providing an update which read: “Exclusivity remains in place with the proposed purchaser, with the sales proposal including the club, Select Car Leasing Stadium, and Bearwood Park Training Facility.
“All parties remain positive in the desire to complete a transaction at the earliest possible opportunity.
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“Regarding the ongoing litigation case with Mr Couhig and last Friday’s Commercial Court hearing, the club can confirm that a formal proposal for alternative security has been made to Mr Couhig via his legal representatives.
“It is hoped that the proposal will be agreed quickly in resolution of the current security impasse, to facilitate the sales process.
“The club would also like to clarify the current position with the EFL, and Mr Dai’s disqualification as a Director.
“Under the terms of the disqualification, Mr Dai must now divest his interests in Reading Football Club and is committed to doing so to meet this requirement.”
Reading also confirmed their transfer embargo was lifted after they published their 2022/23 accounts to Companies House.
However they face another transfer embargo if they fail to file their accounts for the 2023/24 season before the EFL’s March 31 deadline – the club state it is “highly unlikely” they will meet the requirement.
Source: Soccer - thesun.co.uk
