Significant barrier to Reading sale overcome as charges on shares are satisfied

Significant barrier to Reading sale overcome as charges on shares are satisfied

With the satisfaction of charges against Reading’s parent business, Renhe Sports Management, and Bearwood training facilities, a major obstacle to the sale of Reading Football Club has been overcome.

Rob Couhig, the former owner of Wycombe Wanderers, has been the most interested party in buying the team and has come very close to doing so in the summer.

In order to assist keep the club viable, Redwood took out charges on club shares through Renhe Sports Management and Bearwood through RFC Bearwood Ltd. in April. The loans totalled approximately £4.6 million.

These had to be met in order for the club’s and the training ground’s shares to be transferred, and on January 13 they were, ostensibly, removing Redwood Ltd. and Mr. Couhig’s control over the club’s assets.

The sale process can move forward with rumours of property mogul Paul Taylor’s interest in the club and other potential buyers.

This comes only weeks after it was announced that Haitong Bank’s Stop Notice on the Select Car Leasing Stadium, which was impeding the stadium’s sale, had been lifted.

Though there is still a clear need for short-term cash this month, theoretically nothing stands in the way of the club being sold to any interested buyer.

Additionally, Dai Yongge’s company has been given until Monday, January 20 to provide their defence in Mr. Couhig’s ongoing legal battle against Renhe Sports Management for loss of earnings and breach of exclusivity.

Reading Football Club and Mr Couhig were approached to comment.

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