READING has finally been sold which spells the end of Dai Yongge’s controversial ownership.
The Royals confirmed in a long-awaited statement on Saturday morning that a deal was finally agreed.
Reading’s sale has finally been completed[/caption]
Ex-Wycombe owner Rob Couhig will take over[/caption]
Yongge became majority shareholder in 2017 but was given a latest deadline of May 8 by the EFL to divest his shareholding.
Redwood Holdings Limited will become the new legal owners of the League One outfit under their parent company Dogwood Football LLC.
A Reading statement said: “Reading Football Club is pleased to announce the sale in principle of the club to Redwood Holdings Limited.
“The takeover includes the Select Car Leasing Stadium and Bearwood Park Training Ground.
“The formal completion of the transaction is subject to final legal technicalities but is fully expected to be completed shortly.
“Based on the agreement between the parties, the EFL has agreed to extend its deadline for the divestment of Mr Dai Yongge’s shareholding until its next Board Meeting on 8 May.
“Redwood Holdings Ltd is a subsidiary of Dogwood Football LLC, which is owned by Rob Couhig and Todd Trosclair of New Orleans, Louisiana.”
Couhig – former owner of Wycombe Wanderers – tried to buy Reading for £30million before the deal collapsed in September 2024.
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Another unnamed potential buyer had come in to try and secure Reading, even entering a period of exclusivity.
However, the time period elapsed on April 9, allowing Couhig to re-enter the race, as revealed by SunSport.
Yongge had attempted to secure an injunction against Couhig, alleging the American had blocked his attempts to sell Reading.
Couhig denied the allegations and the case was thrown out.
The EFL gave Yongge an April 4 deadline to sell up after he was disqualified by failing the EFL’s Owners’ and Directors’ Test.
Reading were deducted six points for financial rule breaches last season and finished 17th in League One.
They are seventh this season going into the final game of the season with a chance of nicking the final play-off spot.
Couhig is expected to be in the 24,000-seater stadium for this afternoon’s clash against Barnsley.
The Royals’ women’s team, meanwhile, were playing in the Women’s Super League in 2022-23 – but had to pull out of the Championship in June amid the monetary woes and now compete in the fifth tier.
‘SOLD BEFORE WE DAI’D’
Reading fan group Sell Before We Dai welcomed the news of the club’s sale and Yongge’s exit – and hope the arrival of Redwood Holdings Limited will bring a period of stability in Berkshire.
The protest group said: “We are incredibly relieved and happy that Reading Football Club are finally under new ownership.
“It’s a day which we thought, at times, may never happen.
“In the eight years of the Dai Yongge era, every single element of our club went backwards.
“The first team were relegated, the women’s team were essentially folded and staff were made redundant as every operational element of the club was cut back to the bare bones.
“Those who remained were forced to work with tight budgets and under immense pressure.
“Sometimes they weren’t even sure if they’d be paid at the end of the month.
“Today is a day for celebration and that starts by welcoming Rob Couhig.
“Thank you for not giving up on us, thank you for saving our 153-year-old club from oblivion.
“We’ve been sold before we Dai’d.”
Fans have repeatedly protested against the controversial Dai Yongge[/caption]