League asks for clarification about Reid shareholding

The Football League is to seek clarification of the details of Peter Reid's shareholding in Sunderland before the club will be allowed to compete next season.

Reid had a 4.7% stake in the club when he was sacked 20 months ago which is within the League's guidelines which allow managers of one club to own up to 9.9% of another club.

But the Northern Echo reports that the League want clarification that Reid did not increase his shareholding prior to becoming manager of Coventry recently.

League spokesman John Nagle confirmed that Reid can hold up to 9.9% of another club's shares, as long as it is for investment purposes only. "The league will be seeking an assurance prior to the start of the season from the club and Peter Reid that any shareholding falls under these Football League regulations", he said.