William Storey has pulled out of his attempt to purchase League One club Reading.
Reading, a team in League One, will not be purchased by William Storey, the company has confirmed.
The contentious former Formula One team sponsor was in talks to purchase the team from current owner Yongge Dai. He has previously seen offers to purchase Sunderland and Coventry City fall through.
Storey posted on social media, stating, “We entered a due diligence stage in October after signing a contract and exclusivity. According to our accountants’ report, I’ve decided not to move forward with my investors.
“I wish the club and loyal fans the very best and 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.
While 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 while 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.
In order to preserve the competition’s integrity, it is our duty as a league to make sure that each of the 72 members is treated equally and consistently in all circumstances. Since all clubs are impacted by the ownership’s persistent failures to fulfill their ongoing commitments, the deterrents put in place must be enforced when they are violated.
“We will keep working with the club to find a positive solution going forward. We met with the Reading Supporters Trust today to discuss the ongoing challenges.”
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