Reading were once seen as the benchmark of how to run a football club - now they face an existential crisis after 153 years of history. Here's why…
Why could Reading be suspended from the EFL?
Reading risk being suspended by the EFL after unpopular owner Dai Yongge was disqualified as a director in March under the EFL's Owners' and Directors' Test.
His disqualification was revealed at a court case and then confirmed by the EFL. It was reportedly linked to his business interests in China rather than anything connected to Reading.
When could Reading be suspended by the EFL?
Yongge must sell the club by Saturday April 5.
Reading said: "Following earlier discussion with the EFL, the time allowed for the divestment to take place was extended until Saturday, 5 April."
What would the suspension mean?
Reading would not be able to play fixtures in League One if the EFL suspends them.
Despite the off-field turmoil, Reading are currently sat in the play-offs and are unbeaten in their last 11 games.
What is stopping Reading from being sold?
Yongge has appeared reluctant to sell, rejecting a reported £30m bid from former Reading chairman Roger Smee in December while other deals have failed.
The main complication at the moment is a legal dispute between former Wycombe owner Rob Couhig and Yongge.
Couhig's deal to buy Reading collapsed last September after he had loaned the club £5m and is now pursuing £12m in loss of potential profits. Couhig says he still wants to buy the club.
At a court hearing in March, Yongge attempted to get an injunction against Couhig, who he claimed was blocking his attempt to sell the club because of securities he has over the stadium and training ground. The injunction was rejected.
The parties have been told to find a solution via alternative security or a payment into escrow - an account managed by a third party. If that can be resolved, then the path, in theory, is clear for the sale of the club.
Reading said: "To allow a sale to proceed, the club looks forward to working with Mr Couhig to resolve this element of his claim."
Who is trying to buy Reading?
American businessman Robert Platek is reportedly the buyer Reading have entered a period of exclusivity with, but the club has been in this scenario several times previously.
Platek is the co-head of global credit at BDT & MSD Partners, the investment vehicle of the technology billionaire Michael Dell and owner of Portuguese club Casa Pia.
Platek sold his controlling interest in the Serie B club Spezia in February and previously owned Danish club Sonderjyske.
What has happened at Reading under Yongge's ownership?
Initially, Yongge invested heavily into the club and new signings but the spending was too much and broke the EFL's Financial Fair Play rules, leading to a six-point deduction in November 2021.
The club have been deducted 18 points in total under Yongge for breach of financial rules, late payments of wages, failure to deposit funds into a club account as instructed and late payments to HMRC.
A six-point deduction in April 2023 led to the club's relegation from the Championship as they finished five points adrift of safety.
There have been at least four winding-up petitions during Yongge's ownership and it was reported in September 2023 that Reading had lost £191m during that time.
The women's team is now part-time, being run by the Reading Community Trust and playing in the fifth tier after a lack of funding.
Reading had been an established WSL side, beating Emma Hayes' Chelsea in December 2021 and having the likes of Fara Willians, Fran Kirby and Mary Earps once play for them. Last weekend, they were beaten 10-0 by Oxford City.
How are Reading doing so well in League One?
Often in League One, there is talk of a fairytale in North Wales, but the real fairytale is happening in Berkshire.
Reading, with the second-youngest squad in the division, have mounted the most unlikely promotion push despite being riddled with transfer embargoes.
Last season, Reading finished 17th and then lost their manager Ruben Selles to Hull in December. They've been forced to sell their best players like Femi Azeez and Sam Smith to raise crucial funds while operating a one-in, one-out approach to signings and being unable to stay overnight for away matches.
However, manager Noel Hunt, who won promotion to the Premier League with the club as a player in 2012, has managed to separate the off-field troubles from affecting the on-pitch performance of his youngsters, giving their long-suffering supporters something to cheer about with a fearless approach.
Who is Reading owner Dai Yongge?
Yongge is a Chinese businessman who made his money from transforming air-raid shelters into shopping centres across China.
He attempted to buy Hull in 2016 with his sister Dai Xiu Li but the deal fell through after allegedly failing the fit and proper persons' test.
When did Yongge become Reading's owner?
Yongge and Xiu Li completed the purchase of a 75 per cent stake in Reading on the eve of their Champions play-off final defeat to Huddersfield in May 2017.
Reading had long been seen as the benchmark for how a club should be run after Sir John Madejski took over in 1990. They won the Championship title by a record 106 points in 2006 and then finished eighth in the Premier League the following season.
Madejski sold up to Russian Anton Zingarevich in 2012 before a Thai consortium took over in 2014.
Who are Sell Before We Dai?
Sell Before We Dai is a Reading supporters' protest group that was formed in June 2023 to pressure Yongge into selling the club.
They have been at the forefront of the long-running ownership saga, protesting at many matches by throwing tennis balls onto the pitch and, last season, dressing up as clowns while wearing Yongge facemasks.
In January 2024, supporters invaded the pitch during their home match with Port Vale, causing the match to be abandoned.
What's been the impact on supporters?
Sue Sims from Sell Before We Dai told Sky Sports News: "We've been from the brink of the Premier League to now the brink of EFL suspension, but the last two years have just been an incredibly hard process.
"So many fans have been really affected by this in terms of their mental health. It's been such a roller coaster. It's been painful at times, fans have been in tears, fans have been raging.
"We've had the full emotions and it just needs to be sorted. We want these parties that are involved in this transaction to resolve it as soon as possible so we can get back to being a football club. There's so much that this club is over 150 years old, it means so much.
"It's part of the fabric of the EFL, it's one of the oldest clubs in the league. We have a rich history and it's just at the heart of our community here in Reading and it's so heartbreaking to even think about the unthinkable."
