Royal Biscuitman Could Reading Council step in and change the planning permissions for the club's land in the interests of the town? - If they wanted to that is.
If you can't use the stadium land for anything other than a stadium and parking it would make it worthless to anyone wishing to use it for other developments.
Likewise the training ground proposed, although that is presumably outside of Reading Council's jurisdiction
All the developers would have to do is apply to build housing on the land and, given the new housing targets that councils have to meet, they would almost inevitably be granted permission.