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‘I could cry’ – EFL club takeover finally agreed after years of protests against unpopular owner
Reading fans rejoiced on social media after it was announced that unpopular owner Dai Yongge has agreed a sale. The Royals have been bought by Redwood Holdings Limited, who are represented by ex-Wycombe Wanderers owner Rob Couhig, subject to final legal technicalities. Couhig is set to become the new owner of ReadingGetty For more than two years, Reading fans have staged protests against Yongge, who has been trying to sell the club since October 2023. The Chinese businessman completed his takeover of the club in 2017, days before Reading were beaten in the Championship play-off final. Since then, the club has spiralled amid a period of financial mismanagement, resulting in points deductions, transfer embargoes and winding-up petitions. They risked being booted out of the EFL if a sale was not completed soon – after Yongge was disqualified under the EFL’s owners’ and directors’ test. American lawyer Couhig, who is also a former owner US side New Orleans Storm, is expected to be in attendance on Saturday as the Royals host Barnsley. If Reading manage to better the result of Leyton Orient, who are away at Huddersfield, they will reach the League One play-offs. A club statement read: “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.” Yongge first purchased Reading in May 2017 and is very unpopular among fansRex Features With the announcement made on what could be a momentous footballing day for the club, fans took to social media to express their joy. “I’m so happy I could cry,” one said. Another simply wrote: “We are free.” Yongge previously agreed to a £30million deal to sell the Royals to Couhig in September 2024, but the deal ultimately collapsed. Six months later, Yongge accused Couhig of blocking his attempts to sell the club, which the American denied. It was during the subsequent hearing that the Chinese businessman was disqualified as a director and given a deadline to sell. Reading also entered a period of exclusivity with an interested party ahead of a mooted takeover in February, but that failed to materialise. The club reached rock bottom last season after a six-point deduction saw them finish 17th in League One. Meanwhile, Reading Women have dropped from the Women’s Super League to the fifth tier under Yongge’s ownership, after they were forced to withdraw from the Championship in June. In January 2024, fans’ frustration spilled onto the pitch during the men’s team’s match against Port Vale. Chants of ‘get out of our club’ and ‘we want Dai Yongge out’ were followed by hundreds of tennis balls being thrown onto the playing surface, before the match was abandoned. With promotion back to the Championship still a possibility this season and a new owner finally in town, there will no doubt be a carnival atmosphere at the Select Car Leasing Stadium on Saturday.
Reading fans rejoiced on social media after it was announced that unpopular owner Dai Yongge has agreed a sale.
The Royals have been bought by Redwood Holdings Limited, who are represented by ex-Wycombe Wanderers owner Rob Couhig, subject to final legal technicalities.
For more than two years, Reading fans have staged protests against Yongge, who has been trying to sell the club since October 2023.
The Chinese businessman completed his takeover of the club in 2017, days before Reading were beaten in the Championship play-off final.
Since then, the club has spiralled amid a period of financial mismanagement, resulting in points deductions, transfer embargoes and winding-up petitions.
They risked being booted out of the EFL if a sale was not completed soon – after Yongge was disqualified under the EFL’s owners’ and directors’ test.
American lawyer Couhig, who is also a former owner US side New Orleans Storm, is expected to be in attendance on Saturday as the Royals host Barnsley.
If Reading manage to better the result of Leyton Orient, who are away at Huddersfield, they will reach the League One play-offs.
A club statement read: “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.”
With the announcement made on what could be a momentous footballing day for the club, fans took to social media to express their joy.
“I’m so happy I could cry,” one said.
Another simply wrote: “We are free.”
Yongge previously agreed to a £30million deal to sell the Royals to Couhig in September 2024, but the deal ultimately collapsed.
Six months later, Yongge accused Couhig of blocking his attempts to sell the club, which the American denied.
It was during the subsequent hearing that the Chinese businessman was disqualified as a director and given a deadline to sell.
Reading also entered a period of exclusivity with an interested party ahead of a mooted takeover in February, but that failed to materialise.
The club reached rock bottom last season after a six-point deduction saw them finish 17th in League One.
Meanwhile, Reading Women have dropped from the Women’s Super League to the fifth tier under Yongge’s ownership, after they were forced to withdraw from the Championship in June.
In January 2024, fans’ frustration spilled onto the pitch during the men’s team’s match against Port Vale.
Chants of ‘get out of our club’ and ‘we want Dai Yongge out’ were followed by hundreds of tennis balls being thrown onto the playing surface, before the match was abandoned.
With promotion back to the Championship still a possibility this season and a new owner finally in town, there will no doubt be a carnival atmosphere at the Select Car Leasing Stadium on Saturday.
