Championship outfit Reading are on the verge of being sold in the coming days.

The storied English team could become the property of British businessman William Storey in a £50 million deal.

Per The Telegraph, the ex-F1 team sponsor has decided to buy the club from current owner Yogge Dai.

Storey will not only be taking over control of Reading, but they are also pledging funds towards removing the club's debt.

There are still hurdles to overcome before the takeover can become final, however.

For one, Storey must be subject to the EFL's fit and proper owners test before the takeover can be approved.