READING look set for salvation after Rob Couhig agreed a £25m deal to buy the stricken club.
The former Wycombe owner has revived a deal that collapsed last summer after rival bidder Robert Platek walked away earlier this week.
Couhig’s takeover would bring an end to the disastrous eight-year reign of Chinese businessman Dai Yongge, which has seen the Royals relegated from the Championship, repeatedly docked points and forced to exist in a permanent state of financial crisis.
Earlier this year, Yongge was banned under the EFL’s owners’ and directors’ test and given a deadline of April 6 to sell the club. This was subsequently extended to April 22, with a warning that the Royals could be expelled from the EFL if Yongge did not find a buyer.
Yongge’s preference was to sell to Platek, but Couhig held mortgages over the club’s stadium and training ground – a legacy of his failed takeover bid – and rebuffed all of Yongge’s attempts to negotiate a settlement. That left Platek with no option but to abandon his bid.
Couhig has agreed to pay a greater sum up front and conduct less stringent due diligence in an attempt to meet the deadline, but the EFL -whose primary aim is to rid the club of Yongge – is unlikely to enforce any punishment if a deal is achievable.
In a statement on Wednesday, the Royals said: “The exclusivity period with the prospective buyer has now expired, and club representatives are now in advanced dialogue with an alternative bidder. The parties are working to complete negotiations at the earliest opportunity and expect to meet the EFL’s requirements.”
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