William Storey agrees £50m takeover of Reading after failed Sunderland and Coventry bids

Reading are reportedly close to being sold to British businessman William Storey in a £50million deal after his failed bid for Sunderland in 2020.

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

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, which remain to this day.

Reading, who were relegated from the Championship last season, were deducted three points in League One by the EFL recently after the actions of owner Dai Yongge, who has failed to deposit a sum equal to 125 per cent of the club's wage bill into an account before the deadline last week.

Storey will have to pass the fit and proper persons test if he is to assume control of Reading.