Reading FC are in free fall. After facing relegation to League One last season, the Royals are currently sitting 18th in England’s third tier, just four points above the bottom four.
However, what is far worse for the club is their economic situation. Current owner Dai Yongge has plummeted Reading into eye-watering financial debt, leaving the club to face numerous point deductions and the sale of key assets, but what is significantly more problematic is that the club’s future hangs in the balance.
This has led to German businessman Daniel Loitz looking into the possibility of acquiring the club in an attempt to ensure their future. Loitz, who is a director and lead investor at his private investment firm Hokulani Limited, has made a £28.7 million bid to take the club away from Yongge.
Despite interest from a considerable number of parties, Loitz is understood to have offered Yongge the highest bid. However, the Chinese owner is not making the process easy, as Loitz explained to Sky Germany:
“Mr. Dai put the club up for sale last year but wants to keep the majority by any means necessary. He is in a hopeless situation, but he doesn’t want to recognise that and is now sabotaging the sale as best he can.”
As well as this, according to Loitz, Yongge would be willing to “stab the interested parties in the back” and keep hold of Reading no matter what. In spite of Loitz having already been given the green light from the English Football League regarding a possible takeover of the club, with Yongge in the way, there is no guarantee the club will ever be sold.
Loitz is aiming to put the men’s and women’s teams back on a “healthy financial footing” and “build a foundation” that would see the club return to the Premier League. While it may still take some time, Reading fans should remain optimistic, knowing that many people are waiting to steer the club back in the right direction.
GGFN | Will Shopland
