Reading FC’s Sale Faces Setback Amid Legal Struggles

Reading, England – Reading FC‘s efforts to secure a sale encountered a significant setback this week as Rob Couhig rejected a proposal from owner Dai Yongge to lift his security over the Select Car Leasing Stadium and training ground.

The Guardian reports that Reading has sent a legal letter to Couhig, offering to place some proceeds from the proposed sale to Robert Platek in a frozen escrow account. This move is pending the outcome of Couhig’s high-court claim for £12 million, set for a hearing in July.

Couhig is suing Reading for loss of opportunity after Dai withdrew from a previous sale agreement last summer. A recent hearing at London’s commercial court confirmed that Couhig’s mortgages against the club’s property assets remain intact.

In a bid to resolve the impasse before the club can be sold, Reading’s offer comes in light of their decision to disqualify Dai as director in February. The EFL board is scheduled to meet Thursday to discuss potential actions if a sale does not proceed, which could include suspending Reading and affecting their participation in the League One promotion race.

Sources indicate that Couhig’s legal team has responded with a rejection to Reading’s offer, heightening concerns that the club may face suspension and risk entering administration. Couhig expressed his frustrations, stating, “I told my lawyers to respond with: ‘Come back when it’s real.’ I have very little faith in them frankly. I had 25 documents signed. I spent over $1 million on legal and transaction fees. I came to England for a week and the money was in my account, ready to go.”

He emphasized the need for a legally binding agreement, adding, “There’s nothing to talk about until they come to me with a binding agreement. I want to see a legally binding document that’s signed by both seller and buyer. That’s when we’ll have an agreement.”

Despite his aggressive negotiation stance, Couhig remains hesitant to transfer the club to Platek, co-head of global credit at private equity firm BDT & MSD Partners. He alleges that Reading violated the terms of his purchase agreement by engaging in exclusive negotiations with Platek.

The EFL is reportedly reluctant to suspend Reading, as the team currently sits just one point outside the playoff spots, but it requires confirmation that the ongoing standoff can be resolved before extending any deadlines this week.

Reading FC was approached for comment and issued a statement on March 21, asserting, “Mr. Dai remains committed to working with the EFL to sell the club and secure its long-term future.”