READING – Chiron Sports Group is in exclusive talks to buy Reading FC, the troubled English football club owned by the Chinese businessman Dai Yongge, according to people familiar with the situation.
The 150-year-old English football club, based just outside of London, has been mired in financial trouble in recent years. It has been docked a total of 18 points for breaking football’s financial rules under Dai’s ownership, contributing to its demotion into England’s third tier.
Spokespeople from Chiron Sports Group and Reading FC declined to comment.
Earlier this week, Reading FC confirmed that its owner had committed to a letter of intent with a potential purchaser of the club, without naming the suitor.
“The parties will now enter a period of exclusive negotiation to agree the final terms,” the club said in a statement on its website. “The completion is expected to take up to two months.”
Chiron Sports Group is backed by German entrepreneur Christian Angermayer and Robin Lauber, a biotech investor and scion of a Swiss real estate family. The firm, which has offices in Basel, Switzerland, and London, is managed by Leo Rifkind, 32, a former director of Charlton Athletic and associate at law firm Freshfields.
According to its Linkedin page, Chiron has links to Venezia FC, the all-electric speedboat racing league E1 Series, and the Enhanced Games, a performance-enhanced athletics competition.
Reading has struggled financially in the past few years. It posted a £17 million (S$28.95 million) loss in its most recent set of accounts that cover the year ending June 2022.
If the deal is successful, it will mark another exit of a Chinese investor from UK football. In February, a Florida-based health-technology entrepreneur agreed to buy control of West Bromwich Albion from Chinese investor Lai Guochuan.
Chinese investors have also sold down their stakes in Aston Villa, Southampton, and Manchester City in recent years, after a shift from Beijing over conspicuous sports investment overseas.
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