The Football League had handed the brother and sister property magnates a “conditional Football League approval for change of control”.
The pair are not strangers to the English football after they attempted to takeover Hull last summer – but were eventually thwarted by the Premier League’s fit and proper person’s test.
And the Daily Telegraph have revealed that even if the Royals managed to secure a place in the Premier League they may have to stay in the second tier.
The Royals are currently fourth in the Championship and are closing in on guaranteeing a spot in the play-offs – with Brighton and Newcastle likely to go up automatically.
Reading confirmed the Football League’s decision in a statement: “Upon receipt of a letter on Friday from Shaun Harvey, the Chief Executive of the EFL, Reading Football Club can now confirm that an application for a proposed change of control at the club has been conditionally approved.
“The Club will now spend the coming weeks working diligently with the EFL, our current shareholders and both Mr Yongge Dai and Miss Xui Li Dai to ensure the application meets those specific conditions and all the relevant EFL regulations.