Big Reading FC takeover development emerges as Dai Yongge era looks to end

According to a Companies House document, Redwood Holdings 1 LTD has a fixed charge over a significant portion of Reading FC’s shares.

The Royals were put on the market last year, but exclusivity was only granted to one party in the final stages of last month.

According to Bloomberg and Companies House filings, Chiron Sports Group has been granted exclusivity and now controls Redwood Holdings.

They will be seeking to close the deal as soon as possible, with contracts to be finalised and new players to be signed this summer to give the Royals the best opportunity of staying afloat and thriving in the third division.

Ruben Selles’ side may have survived this season, but it’s evident that they need to strengthen their roster if they want to improve their league finish at the end of the season.

Chiron Sports Group strengthen their position amid Reading FC takeover attempt

Redwood recently put two charges over the club’s Bearwood training site, marking a significant milestone.

The group now has a charge over 240,831,010 shares owned by Renhe Sports Management, the company of owner Dai Yongge, according to a document published today.

It is unclear how many shares the club has in total, but Mr Dai and Dai Xiu Li hold the vast bulk of them, and a large portion (if not all) are included in this accusation.

Although big information have been few in recent weeks, there have been some intriguing developments in the Royals’ takeover predicament.

This should make it much more difficult for the Dai siblings to walk out of the negotiations, which is a good indication for fans who want the club sold as soon as possible.

And this has improved Chiron’s position as they seek to finalise a takeover, albeit the EFL, which has tightened its checks in recent years, must still approve the transaction.

This takeover development will leave Reading FC supporters with mixed feelings

Chiron appears to have boxed current owner Dai into a corner, giving him the upper hand.

That will soothe many Reading fans who are wary of Dai.

However, what happens if Chiron fails to obtain EFL approval? That would create a very sticky scenario, though you’d think Nigel Howe, who formerly served on the EFL board, hasn’t arranged a contract until he’s certain the party would pass the Owners and Directors test.

Looking with where the Royals were (off the pitch) not long ago, this charge has to be viewed positively, with Chiron appearing to be totally committed to completing a takeover agreement.

A fellow supporter brought this charge to fans’ attention, and the response has been favourable and warranted.

There cannot be complacency, but cautious optimism is required after a difficult spell earlier this season.