The Reading Royals will be sold to Berks County businessman Jack D. Gulati, officials involved in the deal announced today.
Gulati said he plans to keep the Kelly Cup winners in Reading and based out of the Santander Arena.
He has agreed to buy 100 percent of the team shares. Ownership had been split between the Berks County Convention Center Authority and SMG, the company that operates the arena.
The sale is contingent on EHCL, formerly East Coast Hockey League, approval.