Rob Couhig, former Wycombe Wanderers owner, has stated that he has yet to be told why his possible Reading takeover failed.
Couhig had been in exclusive talks with current Reading owner Dai Yongge over the summer, and it appeared that things were moving in the right direction, with the American businessman seeing players and staff at the club and watching several games.
The deal had already been approved by the EFL, but in mid-September, the Royals issued a statement stating that the takeover had fallen through after the two sides were unable to reach an agreement, and that all debts had been returned back to Couhig.
It was a devastating blow to Reading fans who had hoped Couhig would be the man to terminate Yongge’s catastrophic seven-and-a-half-year reign, during which the team lost 18 points and was relegated to League One.
Yongge is still attempting to sell the Royals, and he is currently in exclusive talks with another prospective buyer, who is giving finances to run the club until the takeover is completed, but there have been no updates since the beginning of October.
Despite their continued off-field difficulties, Reading has had a great start to the season on the pitch, as they presently sit 10th in the League One table, just three points behind the play-off places.
| League One table (as it stands 19th November) | ||||
| Team | P | GD | Pts | |
| 9 | Exeter City | 14 | 4 | 23 |
| 10 | Reading | 14 | 1 | 23 |
| 11 | Bolton Wanderers | 14 | -2 | 23 |
| 12 | Peterborough United | 15 | 4 | 21 |
| 13 | Charlton Athletic | 14 | 0 | 19 |
| 14 | Bristol Rovers | 15 | -5 | 18 |
| 15 | Stevenage | 15 | -5 | 18 |
| 16 | Northampton Town | 15 | ||
Rob Couhig on the failed Reading acquisition bid.
Couhig had previously denied the opportunity to discuss his attempt to buy Reading, but he has now decided to speak out, revealing that he has yet to be told why the deal fell through.
“I have deliberately not said anything because I still want to complete the deal we agreed on,” Couhig told The Athletic. “To date, I have not been notified why the agreement was not completed.
The sellers’ lawyers had draughted and issued all of the documents, which had been signed by all parties, including Thailand’s minority shareholders, with the exception of Dai Yongge.
“I woke up that Monday morning believing it was finally the day we’d get the keys, and I informed my wife I’d be heading to England again.
But then I received an email from our lawyers stating that the money we had loaned the club had been returned. “No explanation, no thank you.”
While Couhig confessed that he is unaware of the reasons behind his failed takeover, he suspected that his ambitions may have alarmed some at the club, stating: “Some people on the inside (of the club) could tell there would be significant change.
“It’s a great club, with lots of good people, and we like the team and (head coach) Ruben (Selles), but it needs a managerial overhaul.”
Couhig attended Royals games on a frequent basis during the bargaining period, and he shared images on social media of himself visiting local establishments such as the famed Purple Turtle pub.
There have been allegations that Couhig was to responsible for the deal’s failure, with some claiming that his social media activities enraged Yongge, which he categorically denied.
“It’s nonsense,” Couhig stated.
“I came to Reading four times, and the club encouraged us each time to give the fans hope that the deal was progressing. Frankly, we were informed it would be beneficial for me to share some photos.”
Reading’s situation remains precarious, with little sign of imminent progress on the takeover front, and Couhig has now launched his own legal action, claiming that the club breached his exclusivity agreement by speaking with other parties.
“I’m absolutely sure they breached my exclusivity by talking to others,” she added.
“We have a claim, but we have forwarded it to our solicitors. I will leave it at that.
“I’m trying not to be controversial here but I’ve been doing deals for 40 years and I’ve never experienced anything like this before.”
Leave a Reply