Ex Newcastle United owner Mike Ashley one-step closer to huge football acquisition as competition withdraws

Former Newcastle United owner Mike Ashley could be rubbing his hands with glee today as his competitor to complete a takeover of Reading has pulled out of the race.

The Frasers Group chief is one of the tycoons looking at buying the League One outfit from current owner Dai Yongge, who has run the club's financials into the ground. Reading were relegated from the Championship following a six point deduction last season and are now rock bottom of the third division after having another four points deducted this term.

On Saturday, before succumbing to a 3-2 defeat to League One leaders Portsmouth despite taking an early two-goal lead, Reading supporters marched through the town in protest against Yongge and demanded he sell the club. Just 24 hours later, a helicopter with the Frasers Group logo was seen at the Select Car Leasing Stadium.

Ashley spent a turbulent 14 years as owner of Newcastle United and sold the club to the Saudi Public Investment Fund, Reuben Brothers and PCP Capital Partners in October 2021. The Sports Direct businessman left the North East without too many well-wishes from Magpies fans.

The 59-year-old was born in Walsall but grew up in Buckinghamshire village Burnham, which is just 20 miles from Reading, which could explain Ashley's apparent interest in the struggling cub.

While at Newcastle United, Ashley was readily accused of having a lack of ambition and being miserly with spending. However, he is known for being financially savvy and ensuring a football club runs with low expenses, which could fit Reading - who are currently under a transfer embargo.

The controversial businessman emerged as a potential bidder after interest had been expressed by American sports drink owner William Storey. A name familiar to some, the Rich Energy founder, had previously been involved in bids for Sunderland and Coventry City.

While Ashley's interest comes with controversy, Storey's links to Reading perhaps brought even more criticism for fans, who worried about his previous work in the F1 and motorsport worlds. However, on Wednesday morning Storey confirmed that he would not be pursuing a deal with Yongge.

Writing on X, the businessman said: "After signing a contract & exclusivity in Oct we entered a period of due diligence. Our accountants have reported. My investors & I have decided not to proceed. I wish the club & loyal fans the very best & hope they get an owner who will invest for long term success."

While a third interested party has been spoken of, Storey's withdrawal leaves Ashley as the clear frontrunner to complete a deal for the Berkshire side.