Reading are the target of a takeover bid from another Chinese businessman with under-fire owner Dai Yongge renewing his attempts to sell up.
i has learned that Benny Kwong, who runs a Hong Kong-based gas company that operates throughout China, has held talks with Dai about buying the cash-strapped League One club.
Kwong is the managing director of Blue River Holdings, whose businesses include the distribution of gas and property investments in China.
The 65-year-old was previously a director of the same Hong-Kong based medical investment company – Tai United Holdings – as Reading’s chief executive Dayong Pang until he resigned from the Board two years ago.
Dai’s latest move follows the surprise collapse of a deal to sell the club to former Wycombe Wanderers owner Rob Couhig a fortnight ago following several months of exclusive negotiations.
The American lawyer was stunned to learn that Reading had pulled out of the sale at the 11th hour, and the apparent links between Kwong and Pang will lead to speculation that Dai has instead preferred to do a deal with one of his associates.
Couhig had agreed to pay £28m for Reading and has attended several League One matches this season, with the club not providing any explanation for the collapse of the sale.
He also lent Reading over £5m to help with running costs this season, although that money has now been repaid.
“Mr Dai remains committed to the sale of Reading Football Club and provisions are in place to fund the club until a transaction is completed,” Reading said in a statement last month.
“The club acknowledges and appreciates the financial support provided by the potential purchaser during recent months. All loans have now been paid back to the potential purchaser in full along with the accrued interest.”
Dai’s ownership of Reading has been little short of disastrous, with Ruben Selles’ side currently 15th in League One after being docked a total of 18 points for breaching EFL regulations since November 2021.
The ramifications of Dai’s mismanagement are ongoing , with Reading withdrawing their men’s under-21 side from the National League Cup last month to save costs – three months after the club’s women’s team pulled out of the Championship and went straight down to the fifth tier after being relegated from the Women’s Super League.
Reading fans are fearful that adminstration is inevitable without a quick takeover.
Without the £4.5m sell-on fee received from Crystal Palace following Michael Olise’s £50m move to Bayern Munich last summer, the club could already be insolvent.
Reading and the EFL declined to comment.
