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Reading set to complete £50m sale to former F1 team sponsor William Storey

Reading are reportedly on the brink of completing a £50 million sale to British businessman William Storey. 

The Royals are currently in the midst of a financial crisis, with owner Dai Yongge facing massive pressure from fans. 

They were relegated from the Championship last season after being deducted six points for breaking profitability and sustainability rules

The Berkshire outfit have made a disappointing start in League One and have been hit with two further points deductions over late payments to players and staff this season. 

They are currently third from bottom in the league standings, with just three wins from 11 matches. 

However, Reading are about to receive a boost with Storey set to take over the club, per The Telegraph

The British businessman has agreed terms with current owner Dai Yongge to buy the club, and he has also pledged to clear their debts. 

Storey, the chief executive of the drinks brand Rich Energy, previously sponsored the Haas F1 team before terminating the deal in September 2019. 

He tried to buy Sunderland in 2020 but failed in his bid. Storey also attempted to purchase Coventry City last year but was unsuccessful. 

He is now on the verge of completing the takeover of Reading, who last competed in the Premier League in 2013. 

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