THAILAND - After two days of talks at Reading's Madejski Stadium, an agreement was penned yesterday afternoon, according to the British media.
The accord brought to an end an ownership saga that had plagued the team for almost a year after Reading's former owner, Russian businessman Anton Zingarevich, signalled his intention the sever ties with the club.
Reading's new owner, as yet unnamed, will have to undergo the Football League's 'fit and proper person' test before the takeover is confirmed.
This is the third takeover of an English football club by a wealthy Thai.
Former prime minister Thaksin Shinawatra was the first Thai to buy an English football club when he took over Manchester City for 82 million pounds in 2007.
However, his political travails saw his assets frozen. Then, in August 2008, the club was purchased by the Abu Dhabi United Group. The takeover was immediately followed by a flurry of bids for high-profile players.
In August 2010, King Power Group chairman Vichai Srivaddhanaprabha announced he had become Leicester City's major shareholder and his son Aiyawatt its executive director.
Leicester City will play in the Premier League this season.