William Storey pulls out of Reading deal after failed Sunderland and Coventry takeover attempts

William Storey has announced that he will not be buying League One club Reading.

The controversial former Formula One team sponsor, who has seen bids to buy Sunderland and Coventry City fall flat previously, was in talks to buy the club from current owner Yongge Dai.

Writing on social media, Storey said: "After signing a contract & exclusivity in Oct we entered a period of due diligence. Our accountants have reported. My investors & I have decided not to proceed.

"I wish the club & loyal fans the very best & hope they get an owner who will invest for long term success #readingfc."

Sunderland supporters reacted with concern after Storey’s name circulated in regard to a takeover of the club back in 2020 following revelations regarding his tumultuous business history.

Storey's attempts ultimately failed before the founder of the energy drink company, Rich Energy, turned his attention towards Coventry City.

Whilst attempting to buy Sunderland from Stewart Donald and Charlie Methven, Storey conducted several interviews and outlined outlandish plans for the club on social media but his proposal wasn't accepted by Madrox, who were looking for an exit at the time.

Storey also claimed to have several "bluechip backers" as partners whilst trying to acquire Sunderland but failed to provide details to supporters when asked repeatedly leading to concerns over Storey's actual wealth.

On Wednesday afternoon, Reading were hit with sanctions from the EFL regarding non-payment of monies owed to HMRC with the club already under a transfer embargo.

EFL chief executive, Trevor Birch said: “This is a challenging situation for all involved and we understand the frustrations of supporters and the negative impact sporting sanctions and further charges are having on the football club.

“As a League, we are required to ensure all 72 members are treated fairly and consistently on all matters so that the integrity of the competition is maintained. These consistent failures of the Club’s ownership to meet its ongoing obligations have a knock-on effect on all Clubs and as such, the deterrents in place must be actioned when breached.

“We have today met with the Reading Supporters Trust to discuss the ongoing challenges and will continue to work with the Club in an attempt to find a positive solution moving forward.”