The Royals were put up for sale last year, but only one party was given exclusivity in the latter half of last month.
According to documents released by Companies House, it has been reported by Bloomberg that Chiron Sports Group was granted exclusivity, with Chiron holding a controlling stake in Redwood Holdings.
In order to offer the Royals the best opportunity of surviving and prospering in the third division, they will be aiming to close a deal as soon as possible. Contracts must be settled and new players must be signed this summer.
Even though Ruben Selles’ team has made it this far, it is obvious that they need to bolster their roster if they are to improve on their league finish at the end of the current season.
Chiron Sports Group fortifies their stance in the face of an attempted takeover by Reading FC
Redwood recently laid two charges over the club’s Bearwood training facility, which was viewed as a big step forward.
However, the document that was made public today shows that the group currently owns more than 240,831,010 shares that are held by Dai Yongge’s company, Renhe Sports Management.
The total number of shares held by the club is unknown, but Mr. Dai and Dai Xiu Li possess the great majority of them, and most, if not all, of them have been charged.
This is good news for fans who want to see the club sold as soon as possible because it should make it more harder for the Dai siblings to back out of the negotiations.
And this has improved Chiron’s standing as they attempt to finalize a takeover; nonetheless, the EFL, who have increased its checks recently, still needs to approve this transaction.
Supporters of Reading FC will have conflicting emotions at this takeover development.
Chiron appears to have put current owner Dai in a difficult situation, granting the former the advantage.
That will comfort many of the Reading supporters who doubt Dai.
But what would happen if Chiron is unable to receive EFL approval? That would lead to a very complicated scenario, but given that Nigel Howe was on the EFL board previously, you would think he wouldn’t have negotiated an agreement without being certain the party would pass the Owners and Directors’ Test.
This allegation has to be viewed positively given the Royals’ recent off-field situation and Chiron’s apparent unwavering commitment to completing a takeover deal.
A fellow fan alerted the fans to this accusation, and the response to this revelation has been largely positive, which is appropriate.
Although cautious optimism is necessary after a challenging period early in the season, complacency is not an option.