Former Wycombe Wanderers owner Rob Couhig’s attempt to buy Reading has hit a roadblock due to failed negotiations with the current owner, Dai Yongge. The deal was expected to be completed in August, but multiple deadlines have passed without an agreement. This development is disappointing news for Reading’s supporters, who have been protesting against Yongge’s ownership for over a year.
Yongge, a Chinese businessman, purchased Reading in May 2017, shortly after the team lost the Championship play-off final to Huddersfield. Despite significant investment in players, the club has struggled in the Championship, and they were eventually relegated to the third tier in 2023 due to late payment issues. Last season, the club faced further challenges, including staff redundancies, financial difficulties, and the withdrawal of the women’s team from the Championship.
Rob Couhig emerged as a potential savior for Reading when he sold Wycombe to Kazakh fintech billionaire Mikhail Lomtadze in May. In August, Couhig and his business partner, Todd Trosclair, attended a Reading match and showed interest in acquiring the club. However, negotiations with Yongge have proven to be challenging, with both sides blaming each other for the impasse.
The uncertainty surrounding the ownership situation is concerning for Reading, as they need a new owner by Christmas, especially if they have any hopes of promotion this season. While Reading received a £5 million ($6.6 million) windfall from a sell-on clause when former player Michael Olise moved to Crystal Palace, the club still requires stable ownership to secure its future.
Nigel Howe, the former chief executive of Reading, has been leading the search for a new owner. On Monday, an independent appeal panel reduced his ban from football-related activities from six months to three. Howe had initially received a 12-month ban in May for making an illegal payment to an agent in 2019. The reduction allows him to continue negotiations with potential buyers, albeit with limitations until January 5.
The lack of progress due to Howe’s ban raises questions about the timeline for any potential takeover proposal. Without his involvement until January, it may be challenging to move forward with the acquisition process. Neither the club nor Couhig have responded to requests for comment on the situation.
In conclusion, the breakdown of talks between Rob Couhig and Dai Yongge has halted the potential sale of Reading. This is disappointing for the club’s supporters who have been protesting Yongge’s ownership. With the need for a new owner before Christmas and the ongoing ban on former chief executive Nigel Howe, the future of Reading remains uncertain. The club must find a solution to secure stable ownership and move forward to achieve its goals.