Reading hit by new EFL transfer embargo but in talks with new buyer

Reading has entered a new period of exclusivity with an unnamed buyer – on the same day the club was handed a new transfer embargo by the English Football League.

The stricken League One club has suffered fines, points deductions and fan protests during Dai Yongge’s tumultuous reign as owner and a previous transfer ban was lifted in August 2023.

A statement on the club’s website said:, external Reading said the new embargo was due to “the late submission of financial accounts to Companies House, and covers the 2022-2023 accounting period”.

Reading added that they believed the embargo would be lifted once the overdue accounts were finalized, which they hoped would happen “as soon as possible.”

The Royals were relegated to League One in 2022-23 and have been deducted a total of 18 points during Chinese businessman Dai’s tenure as owner.

A deal for former Wycombe Wanderers owner Rob Couhig to buy the club fell through last month after an agreement could not be reached.

“The club can confirm that it has agreed a period of exclusivity with a potential buyer,” the statement said.

“Both parties are working hard to finalize terms, with the intention of completing the sale as quickly as possible.

“This exclusivity period also includes further provisions to finance the club until the intended completion of the transaction.

“The proposed sale includes Mr Dai’s share in Reading Football Club Limited, as well as the Select Car Leasing Stadium and Bearwood Park Training Ground.”

More to follow.