A CHINESE consortium has received Football League clearance to go ahead with their takeover of Reading FC.
Royals released a statement tonight confirming EFL bosses have given the go-ahead after months of investigation into the group's background.
Is it believed Dai Yongee and sister Dai Xiu Li are behind the bid which would see the club's current Thai owners hand over 75 per cent of their shares.
The siblings already own Beijing Renhe FC in China and have been eager to branch out into England.
But a previous attempt ended in failure when a £130m bid to take over Hull City collapsed last summer before it had reached the owners' and directors' test stage.
It is said the main reason behind it falling through was due to a lack of transparency over the other members of the consortium who were set to provide around 50% of the funding.
It is thought Premier League chiefs passed on their reservations to EFL bosses who also had their own concerns.
But four months on since Football League administrators met with Dai Yongee and Dai Xiu Li at their Preston headquarters and the takeover has been rubber stamped.
This is the statement Reading FC put out tonight:
'Upon receipt of a letter on Friday from Shaun Harvey, the Chief Executive of the EFL, Reading Football Club can now confirm than an application for a proposed change of control at the club has been conditionally approved.
The Club will now spend the coming weeks working diligently with the EFL, our current shareholders and both Mr Yongge Dai and Miss Xui Li Dai to ensure the application meets those specific conditions and all the relevant EFL regulations.'
The Chronicle revealed Reading, with losses of £73m during 2015/16, received a £10.3m loan in January from Hong Kong-based Great Shine International Limited.
It was the first sign that Reading could be switching ownership again, as the current Thai owners only took control of the club in September 2014 from Russian billionaire Anton Zingarevich.
Thailand's Lady Sasima is among the current Reading FC shareholders.
Royals boss Jaap Stam has not been afraid to voice his own concerns over the potential buyout and the uncertainty it can create around the club.
He even suggested his days in charge at Madejski Stadium could be numbered if new owners have someone else in mind.
Royals director Pairoj Piempongsant is overseeing the proposed takeover, which would see the current Thais owners give up 75% of their shares.
Reading are now six points inside the play-off positions after yesterday's shock 7-1 defeat at Norwich City.
Stam's men travel to Aston Villa this Saturday.
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