Reading: German businessman Daniel Loitz in talks to take over Berkshire club and rugby team London Irish | Football News
A German investor is in talks to takeover Reading Football Club and London Irish, Sky Sports News understands.
Reading have been handed points deductions in recent seasons due to the financial issues surrounding the club’s current owner, Dai Yongge, and are currently seven points above the relegation zone in League One.
Sky Sports News understands that German businessman Daniel Loitz put in a bid in the region of £28m in January 2024.
On Friday, it was reported that Reading are in advanced talks with a North American consortium to buy the club, while there has also been interest from Saudi investors.
A Reading fan gives an emotional plea to the owner, Dai Yongge, to sell the club and leave.
The prospective North American offer would see the club change hands and their ground would also be sold.
A Reading spokesperson said “a deal was never agreed with this investor” but would not comment further on the proposed takeover.
It is understood Mr Loitz’s offer was the highest bid and the parties went through the EFL’s fit and proper test, with Mr Dai appointing legal representatives for the proposed deal earlier this year.
The offer would include a complete takeover of the club, including the stadium, training ground and both men’s and women’s teams, Sky Sports News understands.
The deal is currently on hold, with Mr Loitz confirming to Sky Sports News that he is still interested in buying the embattled club but has had “radio silence” in recent weeks.
Mr Loitz also confirmed that a deal to takeover London Irish is close, as reported by The Telegraph on Saturday.
Sky Sports News understands that talks have been ongoing for the past six months, with several creditors required to sign off on the deal, but terms have been agreed.
Highlights of the Sky Bet League One match between Reading and Cambridge United.
Mr Loitz is hopeful that London Irish could return to the Championship in 2025 and is hopeful the club will resume training at Hazelwood, in Surrey, which was previously the team’s base.
He told Sky Sports News that he wants to “build something sustainable to help the club find a long-term identity”.
Mr Loitz added that he wants to bring both investments together to “build something for the community”, with London Irish potentially playing home games at the Select Car Leasing Stadium as a tenant.
London Irish entered into administration in June 2023.
Mr Loitz is a German investor and director of Hokulani Limited, who already own several women’s football clubs around the world, including Halifax in the third tier of English Football.
In December 2023, Hokulani purchased the franchise rights to one of the new women’s clubs that will play in Canada’s “Project 8” competition, a new professional women’s league launching next year.
