Reading are 'on the brink' of signing exclusivity with European-based hedge fund Genevra Associates ahead of a full takeover, the Reading Chronicle understands.

Describing themselves as 'a dynamic investment management company' they are predominantly based in Europe but have investors from around the world.

Dai Yongge put the club up for sale over a month ago and has been in discussions with a number of potential parties, including Sports Direct founder Mike Ashley

However, the Reading Chronicle understands that Genevra Associates are winning the race and are 'on the brink' of signing exclusivity within the coming days.

Sources have told the Chronicle that the hope is to have the takeover officially confirmed by January.

The group had previously put themselves in the frame for a minority stake in Manchester United.

This follows on from the good news of Reading's first away victory for over 370 days on Saturday, beating Wycombe Wanderers 2-1.

Neither the football club nor the party in question can comment until everything is officially ratified by the EFL.