Soccer Football - League One - Reading v Derby County - Madejski Stadium, Reading, Britain - January 23, 2024 General view of the Reading badge outside the stadium before the match Action Images/Andrew Boyers/ File Photo
(Reuters) - Reading's Chinese owner Dai Yongge has been ordered to sell the third-tier club after being disqualified under the English Football League's owners' and directors' test, the EFL said on Friday.
Yongge has been given a deadline of April 4 to sell Reading, the BBC reported.
"The disqualification requires Mr Yongge to divest his interests in the Club," the EFL said in a statement.
"In the event that he fails to do so within the agreed timeframe, the League will consider all options available within its regulations to bring the matter to a conclusion.
"The League continues to work closely with Reading FC to progress a sale of the Club at the earliest opportunity, in order to end the current uncertainty surrounding its future for its staff, supporters and wider community."
The club acknowledged the EFL decision.
"Mr Dai remains committed to working with the EFL to sell the Club and secure its long-term future," Reading said in a statement.
Yongge, who took over Reading in 2017, has been blamed for their problems by fans as the club had six points deducted last season for financial mismanagement. They then withdrew from the Women's Championship due to financial issues.
Reading were in talks with a potential buyer last month, the club had said, with parties entering a period of exclusivity to complete the transaction.
Reading, who were relegated after 10 years in the second-tier Championship in 2023, are eighth in League One after 37 out of 46 games.
(Reporting by Anita Kobylinska in Gdansk; Editing by Christian Radnedge)
