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Nigel Howe, Ruben Selles, Jeff Stelling and fans addresses Reading’s takeover collapse

Nigel Howe, Ruben Selles, Jeff Stelling and fans addresses Reading’s takeover collapse and the situation has become increasingly worrying.

Rob Couhig’s exclusivity period has ended and he will be paid back in full for the funds he lent. Other interested parties will now be invited back onto the scene.

The sell-on money for Michael Olise is funding the running the of the club for now. Yep, this is how concerning it has all become. And there is so much more to this. Make sure you read on below…

CLUB STATEMENT:

“Reading Football Club would like to provide an update on the sale of the Club.

“Over recent weeks and months, Mr Dai and his representatives have been in exclusive dialogue with a potential purchaser. Despite lengthy and complex negotiations, the parties have been unable to find an agreement. This exclusivity period has now expired, and the Club will pursue alternative options.

“The Club acknowledges and appreciates the financial support provided by the potential purchaser during recent months. All loans have now been paid back to the potential purchaser in full along with the accrued interest.

“Whilst an agreement was not found on this occasion, Mr Dai remains committed to the sale of Reading Football Club and provisions are in place to fund the Club until a transaction is completed.

“The Club would like to thank all stakeholders, especially its staff and supporters, for their continued patience and will communicate further updates once appropriate.”

Following the failed takeover, Nigel Howe spoke to the media to shed light on the situation.

Howe provided an account of recent developments, explaining both the difficulties of the takeover process and the club’s current position moving forward.

Coordinating the Sale Asked about his specific role in the club’s sale, Howe outlined his responsibilities. He noted, “My role has been to try and coordinate a specific buyer that Mr. Dai would find acceptable. Once a buyer was agreed, it was effectively handed over to our lawyers to finalise the specific terms of the sale.” Despite the effort to secure a deal, however, the latest attempt involving the recent buyer ultimately fell through.

What Went Wrong? When pressed for details on why the deal collapsed, Howe cited the restrictions imposed by a non-disclosure agreement (NDA). “It’s tricky,” Howe admitted. “We’re still under an NDA, which is why we haven’t been able to communicate as much as fans want. But ultimately, if terms aren’t agreed upon, the deal falls apart. That’s what happened here.”

Is Mr Dai Committed to Selling? Howe reiterated Mr Dai’s commitment. “He’s very keen to sell. He’s put a lot of money into the club, but it hasn’t gone well, and he wants to move on,” Howe explained. “His main priority is to bring in someone who can continue to keep the club and fund the club at the highest level.”

Concerns Over Financial Stability Howe was quick to dismiss these concerns: “The family has recently repaid loans and injected cash to ensure the club’s financial stability for the next few months while a new buyer is sought.”

Club Communication Howe acknowledged this, explaining, “I know fans are frustrated by the lack of communication and I do sympathise, but we are restricted by complex NDAs. It’s not about protecting us; it’s about protecting both sides of the deal. Unfortunately, there’s a lot we simply aren’t allowed to disclose.”

Provision for Funding Howe sought to reassure fans, stating, “There’s enough funding in place for the next few months, and over the past six months, loans from the prospective buyer have kept the club running. Any potential buyer understands the financial state of the club and that it may require funding before the transaction is completed.”

Complexities of the Deal Howe revealed some of the specific complexities that have hindered progress. “Factors like the separation of companies, the ownership of the car park, and the training ground have made the transaction more difficult than at other clubs,” he said. “Some clubs only have to deal with the sale of a team and a stadium, but Reading’s situation involves far more complicated negotiations.”

Looking Ahead Despite the most recent deal not moving forward, Howe remained cautiously optimistic about the future. “We were under exclusivity with the last buyer, but i do believe others are still interested in the club – and I believe it’s a great opportunity for somebody. The process will continue as it has, and we’ll look for another suitable buyer. Once the terms are agreed, it will again be passed over to the lawyers to finalise and we want to do this as quickly as possible.”

Ruben Selles on the ownership… “Well, you can imagine the reaction. We were all hoping to move into a new chapter for the club, and after so many conversations, to have it fall through is deeply disappointing.

I wouldn’t say I was surprised by the news, but of course, it’s frustrating. We spoke a couple of weeks ago about how everything was moving in the right direction, and Rob [Couhig] had been transparent with the fans, but the deal wasn’t done yet. So yes, it’s surprising that it’s not complete.

I think there are lessons to be learned on both sides. As a club, we need to be more cautious about letting potential owners get too involved before a deal is final. It just increases the disappointment when things fall apart.

“When Rob told me the deal wouldn’t be completed, I felt like it was another blow. It reminded me of the points deduction and the time we almost lost the training ground. It’s the same feeling – that frustration of coming so close to change but then having it taken away.

We’re at a point now where the team and staff are being pushed to the limit. People expect us to keep coping with every challenge that comes our way, but there will be a moment when we can’t handle it anymore.

I’m not someone who likes to quit, but I do need to reflect on where the club is heading. I have a fantastic group of players and staff who keep fighting, but it feels like we’re stuck in a cycle. It’s exhausting.

But we won’t use this as an excuse for Saturday’s performance. We’ve dealt with these challenges before, and we know how to keep our focus on the pitch.

Right now, it’s frustrating and disappointing, but we won’t stop the fight. We won’t give up. We’re in this together, and we’ll keep going.”

Jeff Stelling said on talkSPORT this week: “Look, you’d never advocate fans going on the pitch but I’ll tell you what, it was the right thing, was the right thing to do.

“Look at the coverage of their plight that those reading fans have got. They are desperate. They want him expelled.

“As an owner, they can see their club being liquidated going the same way as the clubs in China and Belgium that Young has owned in the past. They were dissolved. They don’t exist anymore.

“In desperation, they’ve gone on the pitch. They don’t care about points deduction, that doesn’t matter. What they care about is their club and the future of their club and if anybody who’s a Premier League supporter is thinking this doesn’t matter to us because it’s the EFL and they’re down in League One I tell you Forest, Wolves, Palace fans, everybody…

“Reading were in the Premier League just over ten years ago. Just over ten years. Now we can’t afford to let Reading go the same way as teams like Bury and Macclesfield in the past, we just can’t.

He then tweeted: “Never ending troubles at Reading continue. Feel for their fans.”

Reading fans planning to protest amid concerns of a ‘breakdown’ in takeover talks

Supporters Trust at Reading [STAR]: “The Supporters Trust at Reading are beyond disappointed to learn of the latest failed takeover attempt and this disappointment extends to the latest statement released by the Club,” it read.

“Firstly, we want to extend our thanks to Mr Rob Couhig and his partners for funding the Club for as long as they did. As the club’s own statement alludes to, it was his group that kept the club running, kept players and staff paid and kept HMRC satisfied.

“While we are relieved that Mr Couhig has been paid back in full, this raises further questions. If Dai Yongge and his family have means to repay loans – with interest – then they have the means to fund our football club. The fact that they are choosing not to is deplorable, dishonourable and brings the entire game into disrepute. Never has the need for independent regulation been more obvious.

“Our primary concern therefore has to be the ongoing financial health of the club. The statement asserts that; “funds are in place to fund the Club until a transaction is completed”. This is a huge claim for the Club to make given Dai Yongge has not funded the club for over six months, the club has continually missed payments without external support and the selling process is nearly entering a second year.

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