Rob Couhig close to sealing £30m Reading FC takeover | OneFootball

Reading FC are in advanced talks with American financier to complete takeover

Reading FC are close to a takeover with American Financier Rob Couhig, who is eager to buy the League One outfit.

That's according to bloomberg.com, who reports that the Royals are close to ending their frustrating tenure with Chinese businessman Dai Yongge.

A consortium led by Couhig has progressed to obtain Reading, with a bid of £30 million being circulated.

Terms are beginning to be discussed, with the investor group promising to pay off Reading's growing debt with third-party creditors, with hopes an agreement can be reached in the coming days.

Couhig's ambition for the Royals

Couhig had aimed to cement a deal before Ruben Selles' men's first game of the new EFL season, in which they featured in a 1-1 draw with Birmingham City, who'd also had financial issues in the past.

There have been road blocks in the deal which delayed Couhig appearing at St Andrews last weekend, with the 75-year-old purchasing the 'Royals TV package' ahead of the new season.

Couhig on X: "Should be quality preparation for the season. Anxious to see the boys in action."

This isn't the American's first appearance in England. He previously owned fellow League One club, Wycombe Wanderers, but sold his 90% share in the Chairboys to Georgian billionaire Mikhail Lomtadze.

As the deal progresses, Couhig has promised fans that he will cut the costs at the club and is already familiar with the facilities in Berkshire.

Returning to a similar part of the country as it is all too familiar for Couhig, Wycombe is now being owned by Blue Ocean Partners II Ltd and the Wycombe Supporters Group.

Chirion Sports Group set to be involved with Couhig takeover

Reading had a helping hand during last season; Chirion Sports Group, a capital and advisory firm co-founded by Leo Rifkind, provided the financing Reading needed for a short-term solution. Now it is reported that Rifkind could join the board alongside Couhig to help with the prolonged transition.

Reading boss Selles told The Reading Chronicle that the takeover 'is not far away from being complete' before the new season started.

"I am getting indications, but it is not easy. For anyone coming into the club, you have to analyse every detail because you are buying a business, and you need to know how it is run and where you need to put the money."

Selles added: "I have constant conversations internally and with the people from the process, I think it is going to happen."

Seven years of Yongge coming to an end

With more than 150 years of existence, Reading has had serious financial struggles. The holding company for the club, Renhe Sports Management Co., has reportedly lost £21 million for the financial year ended June 30, 2022.

Yongge has owned the Royals since 2017 and his spell hasn't exactly been flattering.

Following a docking of 18 points across three seasons, the Chinese businessman heavily contributed to the club's demotion to the third tier of English football two seasons ago.

In March, Yongge committed to a letter of intent outlying that completion of a deal to acquire Reading is expected to take up to two months.