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Reading post statement on situation, Rob Couhig, takeover, potential suspension from the EFL

Reading post a statement on the current situation, Rob Couhig, the takeover, and hoping to aboid potential suspension from the EFL.

The League One outfit have confirmed that a ‘formal proposal for alternative security ‘ has been submitted to Rob Couhig with the aim to progress the club’s takeover.

However, that the worst-case scenario is suspension from the EFL should a deal not be done, with the club stating they are in constant dialogue with the governing body, with the ‘full intention of avoiding this eventuality.’

STATEMENT:

Reading Football Club would like to provide a full and detailed update on various matters.

As was the case in the club statement dated 24th February, exclusivity remains in place with the proposed purchaser, with the sales proposal including the club, Select Car Leasing Stadium, and Bearwood Park Training Facility. All parties remain positive in the desire to complete a transaction at the earliest possible opportunity.

Regarding the ongoing litigation case with Mr Couhig and last Friday’s Commercial Court hearing, the club can confirm that a formal proposal for alternative security has been made to Mr Couhig via his legal representatives. It is hoped that the proposal will be agreed quickly in resolution of the current security impasse, to facilitate the sales process.

The club would also like to clarify the current position with the EFL, and Mr Dai’s disqualification as a Director. Under the terms of the disqualification, Mr Dai must now divest his interests in Reading Football Club and is committed to doing so to meet this requirement.

Following earlier discussion with the EFL, the time allowed for the divestment to take place was extended until Saturday 5th April. Whilst the EFL Board ultimately has the power within its regulations to suspend the club amongst its options if Mr Dai’s interests are not divested by this date, we remain in close dialogue with the league with the full intention of avoiding this eventuality.

The club can also confirm it has submitted its 2022/23 accounts to Companies House earlier this week, lifting the associated transfer embargo. Whilst the aim is to reconcile and submit the 2023/24 accounts as soon as possible, the club’s current position means it is highly unlikely these accounts will be filed before the EFL’s March 31st deadline at which point we will be placed under a new transfer embargo until the matter is resolved.

In the meantime, the day-to-day operations of the club will continue, and we would like to thank all staff and players for their commitment as we reach the final stages of the 2024/25 season. The First Team performance this campaign has been outstanding, and all focus is on a strong finish in the hunt for a top six place . At Academy level, there is an evident strong pathway for young talent to emerge, perhaps most notably with the Under 18 side reaching the Premier League U18 Cup Final next month.

To our fans, thank you for the consistent and unwavering support at all levels of the club. Your desire to see the sale completed is acknowledged and shared from all those associated with our fantastic club, and there is strong hope a resolution for this will be found imminently.

Twitter users reacted as Reading post a statement on the currently situation, Rob Couhig, the takeover, and potential suspension from the EFL…

@RFCLatest: Accept the proposal @RCouhig

@CazParker1871: You said you were in “final stages of due diligence” a month ago. How long do the final stages take? Saying both parties remain committed to a sale smells like a roll back to me.

@TransfernewsRFC: Probably the best written update we’ve had in ages. Sounding positive 🤞🏻

@Nozzzaaaa: The best and most informative update we’ve had through this whole saga so thank you for that. Everything and more crossed for a positive outcome 🤞

@tommiehowelll: Finally a half decent statement tbf

@WonderEnad: Hope this gets sorted for you guys! Banter aside no fan should have to see this. From a Huddersfield fan

@MikeMac1977: What an absolute shambles. What you people are doing to our club is sickening. Accounts not being submitted on time yet again it’s either planned this way or someone’s got a special ability of not being able to do their job.

@ElmParkRoyals: Confirmation that Platek is still in exclusivity and escrow proposal has been sent to Couhig’s reps. We wait and see how they both develop but that’s the positives I’m taking from this statement. Oh, and we’re back under embargo. Meh

@Jamie_Hodder21: All down to Couhig then. If he approves the new security offer then that means it’s full steam ahead for the new owner to complete the deal. #ReadingFC

@BertieBlue1871: Asssuming Dai need cold hard cash for the Chinese government so the alternative settlement will be property, probably houses. Either way, Couhig won’t agree to anything as he still wants the club. Don’t see this as a positive update at all. #readingfc

@neilpalmerphoto: Great to see some positive movement on our side. Now its down to Couhig to accept. No chance ! #readingfc

@adamReadingFC: proper statement that, @RCouhig take the proposal and do one #readingfc

@lines_aviation: This feels like a big statement in the scheme of things. Obviously nothing is confirmed until all the signatures are on the dotted line, but this feels like the most concrete move towards a deal we’ve seen in a long time. #Readingfc

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