Reading Football Club has been sold to Redwood Holdings Limited in a deal that secures the long-term future of the club.
A team of legal advisors at Knights, led by Corporate Partner, Karen Procter, acted on behalf of Renhe Sports Management Co Ltd in the sale of Reading FC to Redwood Holdings for an undisclosed fee, which includes the Select Car Leasing Stadium and Bearwood Park Training Ground.
The sale brings to an end an eight-year period of ownership of Reading FC by Renhe Sports Management Co, allowing the Royals to enter into a new and exciting period of their 153-year history.
A spokesperson at Reading FC, commented: “The club would like to thank our advisors at Knights for their diligent hard work and guidance throughout the acquisition process.
“Knights, like all third parties who advised on the transaction, have played an important part in helping to preserve the future of Reading FC.”
Karen Procter, Corporate Partner at Knights, said: “It was a pleasure to assist on the sale of Reading FC and play a small part in securing the future of this iconic football club.
“Throughout this process it’s been clear that Reading FC is a massive part of the local community, and I’m delighted for all parties concerned to have completed on the takeover.
“I’d like to thank the management team at the club for their constant co-operation and resilience in working to complete the transaction at the same time as managing the day-to-day operations and would like to wish the new owners all the best for the future.”
John Riddick, Corporate Partner at Knights’ Reading office, added: “Reading FC has a rich history and has a deep connection to the town and its fans, and it’s been a privilege to help the club begin this chapter under new ownership.
“Being based in Reading, I understood the importance of this takeover to the fans and the community, and it’s a testament to the breadth of expertise across our team at Knights that we’ve been able to work with pace as one team to achieve this goal.”
Karen and John are experts in the sale and acquisition of professional sports clubs and were supported by Corporate colleagues Ryan Tweedale, Natalie McCann and Matt Hitchen, Rachel Mcllroy in Real Estate, Jonathan Edwards in Banking, Kath Livingston and Matt Ross in Dispute Resolution, highlighting once more the benefit to clients of Knights’ premium regional professional services with national scale.