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EFL Approve Chinese Investment At Reading

Wed 17th May 2017 | Clubs Ownership

EFL approval granted as Chinese investors Dai Yongge and Dai Xiu Li take majority shareholding of club.

Reading Football Club has confirmed Chinese brother and sister, Dai Yongge and Dai Xiu Li, have become the majority shareholders at the club following approval from the EFL.

The Championship club gained EFL approval for the change in majority shareholder which sees the pair take up their position with immediate effect. Existing shareholders will retain a minority shareholding in the club.  

A statement released by the EFL confirmed the news stating: “The EFL can confirm that they have no objections to the change of control application made by Reading.

“Following a full review of the transaction, the EFL has insisted upon - and the club/new owners have agreed - to a number of additional reporting requirements including enhanced financial monitoring, so as to ensure that their performance is consistent with the application we have considered. 

“We would like to wish the new majority shareholders Mr Yongge Dai and Miss Xui Li Dai the very best of luck in their future endeavours with the club. 

“We will be making no further comment.”

Speaking of the news, Mr Dai said, “One of my first priorities will be to visit the development site for the new training ground and we also intend to revisit stadium extension plans with the vision of creating world class facilities at the club.” 

“On behalf of everyone at Reading, I would like to officially welcome the Dai Family to the club,” said Thai shareholder Lady Sasima.

“Dai Yongge and Dai Xiu Li are clear in their ambition to take Reading Football Club forward and, together, we will work diligently to continue to build a positive, successful and stable future for our club.” 

Chief Executive Nigel Howe said: “Dai Yongge and Dai Xiu Li are investing in a club with undoubted potential - investment which will benefit not only the first team squad, but which will also help to improve the club’s training facilities, continue to support its Category One Academy programme and actively assist in delivering plans to develop the Royal Elm Park proposal. We are very pleased to welcome them to Reading.” 

PA Images

Posted by: Aaron Gourley 

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