WYCOMBE PUT BEARWOOD PURCHASE PLAN ‘ON HOLD’
WYCOMBE Wanderers FC has confirmed that they are putting on hold any provision for funding to Reading FC and the purchase of Bearwood Park training ground from Dai Yongge.
Both clubs announced last week that they were in discussions over the proposed sale of Reading’s training ground, which cost owner Dai Yongge around £50 million to develop.
It now appears that Wycombe have pulled out of the deal due to ongoing due diligence due to seeming planning limitations.
A statement from the club reads: “Wycombe Wanderers Football
Club are putting on hold provision for funding to Reading Football
Club and the acquisition of the Bearwood Park training facility from its owners.
“A little over a week ago, Reading Football Club announced that it was selling its training ground. Wycombe’s majority investor, Feliciana EFL Ltd, made a proposal to purchase the grounds.
“Many of the details were still to be worked out, including potential sharing with Reading and how to
ensure a smooth transition.
“Importantly, it was agreed that while the details were being finalised and due diligence carried out, Feliciana would provide sufficient financing to Reading to allow it to pay its tax obligations and operating expenses, including payroll for the staff and players.
“It was Wycombe and
Feliciana’s belief that they were helping Reading and professional football with the offer to assist its
neighbour in a manner that had historically been used in the past by many football clubs. Indeed, Wycombe’s own training ground had been sold over a decade ago to reduce operating expenses and fund the club when the club had its own financial issues.
“Wycombe Wanderers Football Club and Feliciana have to put on hold the discussions and ongoing due diligence due to seeming planning limitations allowing only
Reading FC to use the grounds.
“Wycombe continues to wish its neighbours good luck in solving its issues. For its part, Wycombe will continue its search for a training ground that meets its ambitions for the Club.”
The Royals are currently in advanced negotiations with a
North American investment firm over the takeover of the club, with developments expected to take place this week.