Reading’s Genevra takeover thrown into doubt after Dai Yonggge makes late demands
Reading owner Dai Yongge is set to come under further scrutiny after it emerged Genevra Associates are considering the withdrawal of their takeover bid.
Genevra, the European-based hedge fund, have been in advanced talks with Yongge over a potential deal but are now ready to pull out as negotiations have stalled.
Telegraph Sport understands that Yongge has allegedly made a number of significant changes to the final terms of the sale which has plunged the Genevra takeover into doubt.
Last week Genevra were hopeful of being granted exclusivity but it is believed that Yongge’s latest demands have delayed the process.
Genevra declined to comment on Monday night.
The English Football League board is set to hold their monthly meeting later this week, with the deepening crisis at Reading certain to be under discussion.
Reading have been docked 16 points in three seasons under the ownership of Yongge and are currently in the League One relegation zone.
Knocked out of the FA Cup by non-League Eastleigh on Sunday, Reading were also late paying staff last week. It is understood the remaining staff members were paid their salaries on Monday.
Mark Bowen, the club’s head of football operations, was interviewed by ITV before Reading’s match at Eastleigh and confirmed that he had foregone his wages.
“There was not enough funding coming into the club this month to pay everybody in full,” he said.
“The chief executive made the decision to pay the players to stop us from getting another points deduction and there was a percentage paid to the rest of the staff.
“Myself and Ruben [Selles], the manager, decided that we would forfeit all of our wages until the staff are paid in full.
“We are told that the funds will arrive and everything will be sorted by early next week.”