Reading announce losses of £12.1m for 2023-24

Reading have released their accounts for the 2023-24 season

Reading have announced losses of £12.1m for the 2023-24 season after submitting their accounts.

The Royals are now up-to-date with their published finances after releasing their accounts for the 2022-23 campaign in March when they revealed losses of £21.7m.

This means the club will hope to be able to operate in upcoming transfer windows after being placed under a series of embargoes which limited their activity.

The 2023-24 season was Reading's first back in the third tier of English football in over 20 years, and in that campaign turnover dropped from £18.7m to £10m.

During Dai Yongge's seven-year stint as Reading owner, the club's losses have totalled around £180m.

However, that time looks to be coming to end with American businessman Rob Couhig finalising an agreement to purchase the club.

On Thursday the EFL announced an extension to the deadline set for Yongge to divest his interests in the club until 17:00 BST on Monday.

BBC Sport has been told that this extension is for final legal and administrative obligations to be completed.