Reading are reportedly on the verge of being sold to British businessman William Storey in a £50million deal.
The former Formula One team sponsor has agreed terms to buy the club from current owner owner Yongge Dai, according to the Telegraph.
Storey has reportedly agreed to clear the club's debts of £50m and has pledged to invest in the playing squad when a transfer embargo is lifted.
The businessman, who is chief executive of the drinks brand Rich Energy, will now be subject to the EFL's fit and proper owners test.
Storey and his Rich Energy company had briefly sponsored the Haas F1 team after signing a multi-year agreement in October 2018.