Reading FC takeover situation takes worrying turn | OneFootball

Reading are the subject of a takeover bid from Rob Couhig

Reading’s prospective takeover has hit a major stumbling block amid stalled talks between Dai Yongge and Rob Couhig.

According to The Athletic, there has been a breakdown in communication between the two businessmen, with Couhig looking to take over the League One side.

This will come as a major setback to supporters, who are desperate to see the current ownership change hands amid serious financial mismanagement.

It was reported by The Telegraph back in July that talks were in the final stages, with it being hoped a deal could be closed soon.

However, nothing has yet been finalised despite Couhig already lending the Royals £5 million.

Reading takeover update

The takeover process has missed a number of deadlines, with the latest coming last Friday.

This has cast some doubt over the future of Couhig’s takeover bid, with discussions with Yongge stalling.

The US businessman is the former owner of Wycombe Wanderers, meaning he has experience in English football.

He spent five years as a majority shareholder of the club, overseeing their rise to the Championship in that time.

But Couhig departed the League One side last June, having also been their chairman, as he stepped up his attempts to purchase Reading.

However, Yongge has proven a difficult person to get a hold of, making any talks over the takeover hard to achieve.

The Chinese businessman has missed a number of deadlines needed to sign the agreement put in place to sell Reading, with current CEO Nigel Howe reportedly in charge of tracking him down.

Despite the setback in ownership talks, the club is not in any immediate danger of going into insolvency.

A fee received from the sale of Michael Olise from Crystal Palace to Bayern Munich has helped secure the Royals for the time being due to a sell-on clause, but it is understood that a new owner will be needed by Christmas.

Reading supporters group Sell Before We Dai have released a statement in response to this latest takeover development.

The group has confirmed that they are now taking steps towards potential action, and that they have reached out for Couhig and the EFL in an attempt to find further information.

“Obviously we have seen the report in The Athletic,” wrote Sell Before We Dai, via Twitter.

“It is significant in that it is the first report that has referred to a breakdown in talks and includes some detail on loan amounts, but there’s also no real “new news” and no comment from Couhig or club.

“It does not say the deal has collapsed.

“However, we have now started planning for action. The first step of which is to get as clear a picture as possible of what is going on.

“We have reached out to Mr Couhig, the EFL and independent financial experts who can help us fully understand the current agreements in place.”

Terrible development for Reading supporters

This is a seriously unwanted setback for Reading, right as it seemed there was light at the end of the tunnel.

While the deal itself has not collapsed, the longer talks have stalled the more likely that outcome becomes a possibility.

Supporters deserve better clarity and transparency in this situation, especially as their club’s future is very much at stake.

Hopefully a resolution can be found soon, so that this matter can be put to bed for once and for all.