Former EFL owner agrees £25million deal to buy Reading with race against time to save crisis club from administration
ROB COUHIG has agreed a £25million deal to buy Reading and save the club from administration.
The former Wycombe owner has revived a takeover offer he made to Reading owner Dai Yongge last summer after a rival bid from Robert Platek collapsed earlier this week.
Couhig faces a race against time to get the deal done as the EFL have given Yongge a deadline of April 22 to sell the club.
The Chinese businessman was disqualified under the league’s owners’ and directors’ test in February owing to debts and court rulings in China.
Couhig is understood to have agreed to pay more of Yongge’s asking price up front than he did last summer in order to complete the purchase this month.
The American lawyer has also agreed to conduct quicker due diligence and to a shorter cooling-off period than is customary in such transactions.
The EFL are being kept informed of the negotiations between Couhig and Reading.
And they are hopeful that the sale will finally be completed to end a long-running saga.
Reading have been for sale for almost 600 days.
Yongge has signed exclusivity deals with five different buyers, including twice with Couhig.
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The EFL’s position is that Reading must be sold by 22 April.
But the EFL Board could grant an extension if necessary if they judge that a deal is close to completion at that point.
Despite turmoil off the pitch, the Royals have mounted an unexpected playoff charge in League One.
Reading currently sit in sixth, with a two-point cushion to Bolton in seventh.
They have won three of their last four games, including a 3-1 win over Shrewsbury on Tuesday.
The Royals take on Northampton Town this weekend.
Reading, Couhig and the EFL declined to comment when approached by SunSport.