Chinese duo complete Reading takeover as club nears PL return

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Reading will find out its opponent for the promotion playoffs finale on Wednesday, but the club also received some massive news as the Championship side prepares for a Premier League return in 2017/18.

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The club announced on Wednesday that Chinese duo, and brother and sister, Dai Yongge and Dai Xiu Li, have completed a majority takeover of Reading for 75% of the organization.

The English Football League released the following statement after the completed transaction:

“Following a full review of the transaction, the EFL has insisted upon – and the club/new owners have agreed – to a number of additional reporting requirements including enhanced financial monitoring, so as to ensure that their performance is consistent with the application we have considered.”

Reading’s previous majority holders, a group of three Thai investors, will still hold a minority stake in the club moving forward.

Yongge and Li had made an attempt at purchasing recently-relegated PL side Hull City in the past, but the PL reportedly wasn’t prepared to pass the pair for the FA’s fit and proper person test.

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The Royals will meet either Sheffield Wednesday or Huddersfield in the promotion playoffs final on May 29 after having defeated Fulham in the semifinal round on a 2-1 aggregate scoreline.

The winner will join Newcastle and Brighton & Hove Albion in the PL next season, while Hull City, Middlesbrough and Sunderland have all been relegated to the Championship.