Chinese siblings take over English Premier League-chasing Reading

2017-05-18 05:13:49 GMT2017-05-18 13:13:49(Beijing Time) Agencies

Chinese investors who failed in their bid to buy Hull City last year have succeeded in taking over Reading, who are one win away from the Premier League.

Brother and sister Dai Yongge and Dai Xiuli snapped up 75 percent of the Championship (second tier) club with the previous Thai owners retaining a 25 percent stake.

The English Premier League, who give their opinion on takeovers of clubs who could gain promotion, have been reported to be "cautious" about the Chinese siblings.

However, the English Football League (EFL), who oversee the Championship, League One and League Two, said they would not block the deal.

Reading, managed by former Netherlands and Manchester United defender Jaap Stam, on Tuesday saw off Fulham to reach the playoff final (2-1 on aggregate).

"The EFL can confirm that they have no objections to the change of control application made by Reading Football Club," a statement said.

"Following a full review of the transaction, the EFL have 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."

The brother-and-sister act unsuccessfully tried to purchase now relegated Premier League side Hull, with the deal falling through amid speculation that they had not met the league's fit and proper person's requirements.

Reading Chief Executive Nigel Howe said the Chinese had ambitious plans, including "investment which will benefit not only the first-team squad, but which will also help to improve the club's ­training facilities [and] continue to ­support its category-one academy program."

The siblings are the latest Chinese investors to take control of a Championship club but the only ones with a chance of gaining immediate reward to the Premier League.

Aston Villa and Wolves both failed to even reach the playoffs.

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