Reading set to complete £50m sale to former F1 team sponsor William Storey

Reading are reportedly on the brink of completing a £50 million sale to British businessman William Storey. 

The Royals are currently in the midst of a financial crisis, with owner Dai Yongge facing huge pressure from fans. 

They were relegated from the Championship last season after being deducted six points for breaking the profitability and sustainability rules. 

The Berkshire outfit have also made a disappointing start in the League One and have already been hit with two further points deduction this season over late payments to players and staff. 

They are currently third from bottom in the league standings, with just three wins from 11 matches. 

However, Reading are about to receive a financial boost with William Storey set to takeover the club in a deal worth £50m, per The Telegraph. 

It is said the British businessman has agreed terms with current owner Dai Yongge to buy the club, and he has also pledged to clear their debts of £50m. 

Storey, who is the chief executive of the drinks brand Rich Energy, previously sponsored the Haas F1 team before terminating the deal in September 2019. 

He tried to buy Sunderland in 2020 but failed in his bid to take over the club. 

Storey also attempted to purchase Coventry City last year but wasn’t successful again. 

However, he is now on the verge of completing the takeover of Reading, who were last competing in the Premier League in 2013.