Reading FC owner Dai Yongge has been given until April 4, 2024, to sell the club after being disqualified under the EFL's Owners' and Directors' Test.
EFL Sets Deadline for Reading FC Sale
The English Football League (EFL) imposed the deadline following a hearing at the Commercial Court in London on Friday. The hearing addressed Yongge's attempt to secure an injunction against former Wycombe Wanderers owner Rob Couhig, whom he claimed was obstructing his efforts to sell Reading FC.
However, Mr. Justice Jacobs denied Yongge’s request for a mandatory injunction, leaving the sale process in limbo.
Following the ruling, the EFL issued a statement, confirming Yongge’s disqualification and the urgency for him to divest his ownership stake.
"Mr. Yongge has been recently disqualified under the EFL's Owners' and Directors' Test," the statement read.
"The disqualification requires Mr. Yongge to divest his interests in the club. If he fails to do so within the agreed timeframe, the League will consider all available options under its regulations to bring the matter to a conclusion."
Uncertainty Surrounds Reading FC Takeover
Yongge
has argued that his ability to sell the club is hindered by Couhig’s remaining securities, which reportedly prevent the transfer of ownership.
Last month, Reading FC announced they had entered an exclusivity period with an unnamed party for a potential takeover. The club expressed optimism that the deal could be finalized quickly and in the best interests of all stakeholders.
However, multiple previous takeover attempts—including one involving Couhig—have collapsed since March 2023, when Yongge initially committed to selling.
Reading FC's Performance Amid Ownership Turmoil
Despite the ongoing uncertainty, Reading FC currently sits eighth in League One, just two points shy of a play-off position, thanks to a 10-game unbeaten run.
Reading FC Commits to EFL Collaboration
Following the court hearing, Reading FC released a statement confirming their commitment to working with the EFL and Couhig
to resolve the ownership dispute.
"The club acknowledges the judge's clear indication that the parties should find a solution to the current impasse regarding the sale of the club by way of its owners providing alternative security or a payment into escrow," the statement read.
"To allow a sale to proceed, the club looks forward to working with Mr. Couhig to resolve this element of his claim."
Furthermore, the club reiterated that Mr. Dai remains committed to working with the EFL to finalize a sale and secure Reading FC’s long-term future.
Key Takeaways:
- Dai Yongge must sell Reading FC by April 4 after being disqualified by the EFL.
- EFL will take further action if the sale does not proceed within the deadline.
- Ownership dispute with Rob Couhig remains unresolved.
- Reading FC is in discussions with a potential buyer, but previous takeover attempts have failed.
- Despite turmoil, the club is in strong League One form, pushing for a play-off spot.
