Reading Football Club has announced they are facing another transfer embargo as the club navigates a period of uncertainty regarding potential disqualification from the English Football League (EFL).
The club released a statement addressing the ongoing issues, which include owner Dai Yongge being disqualified by the EFL due to debts in China.
Dai Yongge did not pass the EFL`s owners and directors test and is required to sell the club to avoid Reading`s potential expulsion from the league.
Currently, the club is in the process of being taken over, and negotiations for the sale are still in progress.
An exclusivity agreement is in place with a prospective buyer who intends to purchase the club, stadium, and training facilities.
However, a legal dispute with Rob Couhig is currently delaying the completion of the sale.
Rob Couhig, former owner of Wycombe Wanderers, had previously agreed to a £30 million deal to acquire Reading FC.
This deal later fell apart, and Couhig claims to have lost over £12 million in potential profits because Reading allegedly violated their exclusivity agreement.
Reading`s statement further explained: “Exclusivity is still in effect with the proposed buyer, and the sale includes the club, Select Car Leasing Stadium, and Bearwood Park Training Facility.
“All involved parties remain optimistic about finalizing the transaction as soon as possible.”
Regarding the legal proceedings with Mr. Couhig, Reading stated that they have made a formal proposal for alternative security to his legal representatives, hoping for a quick resolution to facilitate the sale.
The club also clarified Dai Yongge`s status with the EFL, stating that his disqualification as a director mandates that he must sell his interests in Reading Football Club, and he is committed to fulfilling this requirement.
Reading FC also confirmed that a previous transfer embargo had been lifted following the submission of their 2022/23 financial accounts.
Nevertheless, they are at risk of another transfer embargo if the accounts for the 2023/24 season are not filed before the EFL`s deadline on March 31, a requirement the club considers “highly unlikely” to meet.
