Reading takeover deal agreed in principle after breakthrough – sources

Reading takeover deal agreed in principle after breakthrough - sources

Reading’s takeover is close to completion after Chiron Sports Group agreed to a deal in principle to purchase the club, sources tell Football Insider.

The Swiss-based group have been in exclusive talks over the takeover for the last couple of months and a deal has finally been reached with current owner Dai Yongge.

After submitting the takeover to the EFL for approval, parties will now wait for the green light from the governing body before completion

Chiron Sports Group are already involved in European football with links to Italian Serie B side Venezia.

Reading agree takeover deal with Chiron Sports Group

The group is backed by German entrepreneur Christian Angermayer and investor Robin Lauber, while Leo Rifkind, a former director at Charlton Athletic, manages the firm.

Sam Helmey, another investor in the group, already invests in League Two side Leyton Orient as well as Dutch Eredivisie club Vitesse Arnhem, having previously acted as an advisor to the majority takeover of Bristol Rovers.

With all parties now waiting on the EFL, the owners’ tests will be carried out over the coming months.

Reading have been docked a total of 18 points during Yongge’s spell as the owner, resulting in their relegation to League One and subsequent 17th-placed finish.

Football Insider reported on 26 September 2023 that the EFL had begun a process of fining Yongge for misconduct, despite frustration from fans at a lack of action.

Reading

Chiron Sports Group’s current and previous experience investing in football will prove beneficial to the EFL’s checks.

In other news, Chelsea are at risk of breaking financial rules.

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