English club Reading F.C agrees to takeover in principle

Reading, May 3 (IANS) Reading Football Club has announced the sale in principle of the club to Redwood Holdings Limited, which is a subsidiary of Dogwood Football LLC, owned by Rob Couhig and Todd Trosclair of New Orleans, Louisiana.

Couhig, an American lawyer, previously owned fellow League One side Wycombe Wanderers and has shown interest in acquiring Reading through the season. He will be in attendance for the game against Barnsley on Saturday. A win or a draw in their final game of the season could see Reading qualify for the playoffs in hopes of gaining promotion to the Championship.

Although the sale is not finalised yet, Reading fans would perhaps see the change in ownership as a positive sign given Dai Yongge’s eight-year reign at the club. The takeover includes the Select Car Leasing Stadium and Bearwood Park Training Ground.

Based on the agreement between the parties, the English Football League (EFL) has agreed to extend its deadline for the divestment of Dai Yongge’s shareholding until its next Board Meeting on May 8.

“The EFL has received confirmation from all parties that a sale has been agreed in principle with Redwood Holdings Limited, with the transaction expected to be completed shortly, once final legal technicalities have been completed," the English Football League (EFL) said in a statement.

"As such, the EFL Board has agreed to extend the time allowed for Mr Dai Yongge to divest his interests until Thursday 8 May, subject to compliance with all other EFL regulations,” read the statement by EFL.

Reading was relegated from the Championship to League One at the end of the 2022/23 season. This relegation was partly due to a six-point deduction for breaching Financial Fair Play rules, pushing them five points adrift of safety.

The club also faced other financial issues, including late payments of wages and failure to deposit funds, leading to a total of 18 points being deducted under owner Dai Yongg.

--IANS

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