Reading takeover: Sir John Madejski insists Royals' future is bright under new owners

Sir John Madejski owned Reading between 1990 and 2012.

Sir John Madejski believes Reading's future is in safe hands following the takeover by Dai Yongge and Dai Xiu Li.

The Chinese brother and sister are the Royals' new majority shareholders, with the previous Thai owners retaining a minority stake.

"Anybody with deep pockets that gets involved in Reading makes my day," former owner Madejski, 76, said.

"With a Chinese consortium and a Thai consortium, the future looks very bright for Reading and I'm delighted."

• READ MORE: Dai Yongge and Dai Xiu Li complete Reading takeover

The English Football League said on Wednesday they had "no objections" to the takeover, while the Premier League - which has a say in takeovers of clubs who could compete in their league - had been reported to be "cautious" about the deal.

Yongge and Xiu Li previously unsuccessfully tried to purchase Hull City, with the deal falling through amid speculation that they had not met the Premier League's fit and proper person's requirements.

But Madejski, who sold the club to Russian tycoon Anton Zingarevich in 2012, insisted he had no concerns and was excited by the potential financial clout it could give the Royals, who reached the Championship play-off final on Tuesday with a 2-1 aggregate victory over Fulham.

"Football is not for the faint hearted as I've been saying for many, many years - millionaires need not apply, only billionaires, and we've certainly got billionaires now," he told BBC Radio Berkshire.