THE EFL today revealed it demanded Reading FC's new owners provide Football League bosses with 'additional financial reporting' as a condition to the club's Chinese takeover.
Royals confirmed the long-standing takeover bid at 9.27pm last night - just moments after Jaap Stam's team had booked their place at Wembley for the Championship play-off final after beating Fulham 1-0 at Madejski Stadium for a 2-1 aggregate win.
It means Chinese brother and sister, Dai Yongge and Dai Xiu Li - whose earlier attempt at a takeover of Hull City last summer was thrown out by the Premier League - are now the majority shareholders, owning 75% of the club.
And one of their first missions will be to ressurect plans to expand the capacity of Madejski Stadium to around 30,000.
Reading's previous Thai owners including Lady Sasima Srivikorn will retain a 25% stake.
It is not yet known whether the Premier League had backed the decision with Royals now one win away from a top flight return should they beat Huddersfield or Sheffield Wednesday at Wembley on May 29.
However, an EFL spokesman stated: "The EFL can confirm that they have no objections to the change of control application made by Reading Football Club.
"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.
"We would like to wish the new majority shareholders Mr Yongge Dai and Miss Xui Li Dai the very best of luck in their future endeavours with the Club."
Reading announced the news while fans had rushed onto the pitch to celebrate last night's thrilling victory over play-off rivals Fulham.
The club issued a statement saying: "We would like to thank every one of our loyal fans for their patience and continued support over recent months whilst the new ownership structure has been finalised – a structure which ensures the future financial stability of the club and will enable the club to move to the next level, both on and off the pitch.
The Dai family are extremely excited about the future of Reading Football Club and would like to take this opportunity to thank all of the club's players and staff for their hard work so far this season.
"It is an exciting time to be a Reading fan and we are sure you will join us in giving Jaap Stam and the team all our support ahead of the play-off final at Wembley.
"Since the Dai family’s involvement with the club, they have not only been avid supporters of the Royals in the stands, but they have also contributed financially to the ongoing working capital involved in running of the club."
Dai Yongee added: “One of my first priorities will be to visit the development site for the new training ground and we also intend to revisit stadium extension plans with the vision of creating world class facilities at the club."
Lady Sasima Srivikorn.
Lady Sasima stated: “On behalf of everyone at Reading, I would like to officially welcome the Dai family to the club.
"Dai Yongge and Dai Xiu Li are clear in their ambition to take Reading Football Club forward and, together, we will work diligently to continue to build a positive, successful and stable future for our club.”
Reading chief executive Nigel Howe continued: “Dai Yongge and Dai Xiu Li are investing in a club with undoubted potential - investment which will benefit not only the first team squad, but which will also help to improve the club’s training facilities, continue to support its Category One Academy programme and actively assist in delivering plans to develop the Royal Elm Park proposal.
"We are very pleased to welcome them to Reading.”