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Dai Yongge and Dai Xiuli complete takeover of Reading Football Club

Friday, 19 May 2017 09:29   |   By Nong Ruowen

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Reading Football Club have released an official statement announcing that Chinese brother and sister Dai Yongge and Dai Xiuli have become the majority shareholders of the English Championship club with the existing Thai shareholders retaining a minority shareholding in the club. This deal has also been approved by the English Football League on Wednesday.

According to the BBC, Dai Yongge and Dai Xiuli were previously unsuccessful In their attempt to purchase Hull City. But the deal fell through amid speculation that they had not met the Premier League's fit and proper person's requirements.

“One of my first priorities will be to visit the development site for the new training ground,” Dai Yongge told the club website. “We also intend to revisit stadium extension plans with the vision of creating world-class facilities at the club.”

Dai Yongge is the Executive Director of Renhe Commercial Holdings Co.,Ltd, of which Dai Xiuli is a stakeholder. Dai Yongge was listed in the top 250 of the 2008 Forbes China Rich List.

With the takeover completed, Reading have joined the list of football clubs purchased by Chinese investors, following the acquisitions of Aston Villa, Birmingham, Wolverhampton Wanderers and West Bromwich Albion. On  Tuesday Reading qualified for the Championship Playoff Final and are one step away from promotion to the Premiership.

Source: NetEase and BBC

Proofread by Raymond Fitzpatrick

Tags: investment

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