The Daily Telegraph reports that Storey must now pass the English Football League’s ‘fit and proper persons test’ before he can complete on Reading, who were relegated to League One (the third tier) for this season.
Reading, in the relegation zone after 11 games, were the subject of a winding-up petition from HM Revenue & Customs in June. The club fell out of the Championship last season following a six-point penalty for breaching the FL’s probability and sustainability rules.
But Storey, whose prior bids for Coventry City and Sunderland AFC (£45m) have fallen over, has now reportedly agreed terms with current owner Yongge Dail, who is facing major fan protests.
According to the Sunderland Echo, Storey claimed to have the support of “blue chip backers” while putting together a bid for the North East club but failed to provide details over his wealth when requested.
Storey, who has reposted the Reading FC X/Twitter feedback in recent days, famously claimed midway through the 2019 F1 season that the Rich Energy deal with Haas had been terminated due to the team’s poor results.
At the time, Haas sat ninth in the constructors’ championship ahead only of Williams, who Rich Energy originally intended to sponsor.
But confusion followed after Rich Energy reckoned the tweet had come from a “rogue individual”, although the partnership with Haas was ultimately ended.
Source: Autosport