William Storey leading consortium to buy Reading in 50m deal
William Storey is leading a consortium to buy Reading in a deal that could be worth up to £50million.
The British businessman, who has previously failed in his attempts to buy Sunderland and Coventry City, agreed terms with Dai Yongee, the League One side’s Chinese owner, on Wednesday.
It is not yet clear what role Storey would play should a takeover go through, so it is too soon to say whether he would have to be subjected to the English Football League (EFL)’s Owners’ and Directors’ Test (OADT).
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The agreement to buy Reading includes the club’s stadium and Bearwood Park training ground, which opened in July 2019.
Later on Thursday, Reading said that “there is currently no agreement in place with any party” with regards to the ongoing sale process.
“Several parties have approached the club in recent weeks with declarations of interest in purchasing the club,” a statement added. “All approaches are being assessed on their own merits to find the most suitable buyer to ensure a healthy future of the club and, at this stage, no single individual or entity has exclusivity in this process.
“We thank our supporters for their continued support, patience and understanding. As ever we will endeavour to keep our fans as informed as possible, and further updates will be provided as and when it is appropriate to do so.”
Storey, 45, has a history of trying to become involved in various sports, and his energy drink company, Rich Energy, was the title sponsor of the Haas F1 team in 2019 but the relationship ended midway through the same season.
A Haas statement read: “Haas F1 Team and Rich Energy have amicably agreed to end their partnership together in the FIA Formula One World Championship with immediate effect.
“While enjoying substantial brand recognition and significant exposure through its title partnership of Haas F1 Team in 2019, a corporate restructuring process at Rich Energy will see the need for a revised global strategy.”
Sell Before We Dai, a fan-led protest group against the current Reading owner, released a statement detailing their concerns over a potential takeover led by Storey.
“To say we have our reservations about William Storey is an understatement. He has zero experience in football, his foray into FI ended acrimoniously, and his previous bids, including this one, have been characterised as attention seeking,” Nick Houlton, the group’s spokesperson, said.
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“It’s over to the EFL. We cannot rebound from one bad owner to another. We cannot go from the frying pan and into the fire. We cannot be let down again.”
Storey’s bid comes in the same week that Reading rejected a £40m bid from Genevra Associates, a Luxembourg-based hedge fund.
According to Genevra’s website, the fund expressed an interest in buying a minority stake in Manchester United in February. It is unclear if that approach was taken seriously by United’s owners, the Glazer family.
The EFL is likely to treat any bid from Genevra with the same degree of caution as Storey’s bid, as one of the fund’s key investors is former Wigan Athletic chairman Talal Al Hammad.
The Bahraini businessman was forced to sell Wigan this summer after his ownership group repeatedly failed to pay the club’s wage bill on time.
They were relegated from the Championship last season, having been docked six points, and started this season in League One on minus eight points.
Wigan have since stabilised under new ownership but remain in League One’s relegation zone.
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The 'desperate' plight of Reading: £191m losses, 16 points docked and a silent owner
(Photo: Lars Baron/Getty Images)
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