Chinese duo complete Reading takeover as club nears PL return

Reading will find out its opponent for the promotion playoffs finale on Wednesday, but the club also received some massive news as the Championship side prepares for a Premier League return in 2017/18.

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The club announced on Wednesday that Chinese duo, and brother and sister, Dai Yongge and Dai Xiu Li, have completed a majority takeover of Reading for 75% of the organization.

The English Football League released the following statement after the completed transaction:

“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.”

Reading’s previous majority holders, a group of three Thai investors, will still hold a minority stake in the club moving forward.

Yongge and Li had made an attempt at purchasing recently-relegated PL side Hull City in the past, but the PL reportedly wasn’t prepared to pass the pair for the FA’s fit and proper person test.

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The Royals will meet either Sheffield Wednesday or Huddersfield in the promotion playoffs final on May 29 after having defeated Fulham in the semifinal round on a 2-1 aggregate scoreline.

The winner will join Newcastle and Brighton & Hove Albion in the PL next season, while Hull City, Middlesbrough and Sunderland have all been relegated to the Championship.