Reading’s takeover by American businessman Rob Couhig officially completed

Reading’s takeover by the American businessman Rob Couhig has been officially completed, with the Royals releasing a statement confirming the sale to Redwood Holdings Limited this afternoon.

The Royals had agreed a deal in principle for Couhig to take control of the shares for the League 1 club earlier this month and today’s news officially brings an end to the tumultuous and controversial reign of former owner Dai Yongee.

Earlier this week, the English Football League (EFL) had said the deal was ‘progressing towards completion’, however, it has now been finalised and ratified by the league.

 The deal will see Couhig, 75, take control of the League 1 club, the Select Car Leasing Stadium and Bearwood training ground.

In a statement released today, Reading said: “The Club are pleased to announce that Redwood Holdings Limited – a subsidiary company of Dogwood LLC, owned by Rob Couhig and Todd Trosclair of New Orleans, Louisiana – has completed the acquisition of 100% of the shareholding in Reading Football Club.

“The takeover, which has received EFL clearance, completed very early on Wednesday morning and includes the Select Car Leasing Stadium and Bearwood Park Training Ground.

“Both Couhig and Trosclair will join the club’s board with immediate effect, with Rob Couhig being named as Chairman.

“Rob is an investor, lawyer and entrepreneur who is the former owner of Wycombe Wanderers Football Club and the New Orleans Zephyrs – his hometown baseball team. Todd is the owner of All Star Electric, one of the largest and most respected electrical contractors on the USA’s Gulf Coast, and a successful investor within the real estate and hospitality sector.

“He is also the founder of the All Star Foundation which contributes to various charitable initiatives.

“Redwood is ambitious and dedicated towards the club returning to its rightful place within the English football pyramid, while adhering to clear principles of honesty, transparency, and financial sustainability. Further communication from Redwood will follow in due course.”

Yongee’s time in charge of the club has been fraught with financial difficulties.  Reading were docked six points for financial issues last season as they finished 17th in League 1.

The club’s financial problems also saw the club’s women’s team - a Women’s Super League outfit as recently as May 2023 - forced to withdraw from the Championship and they are now looking to build back up from the fifth tier.

The club was also   placed under several transfer embargoes during Yongge’s tenure and were docked 18 points during his ownership.

Fans protested in a bid to force him to sell the club. They threw tennis balls onto the pitch to disrupt matches and even forced the abandonment of the club’s home game against Port Vale in 2024 after a pitch invasion.

  Reacting to the news today, Ian Morton from the Sold Before Dai’d group said: “Sell Before We Dai have responded to today's announcement by Reading FC that the club has been sold to Redwood Holdings Ltd.

"We are incredibly relieved and happy that Reading Football Club are finally under new ownership. It’s a day which we thought, at times, may never happen.

"In the eight years of the Dai Yongge era, every single element of our club went backwards. The first team were relegated, the women’s team were essentially folded, and staff were made redundant as every operational element of the club was cut back to the bare bones. Those who remained were forced to work with tight budgets and under immense pressure. Sometimes they weren’t even sure if they’d be paid at the end of the month.

"Today is a day for celebration and that starts by welcoming Rob Couhig. Thank you for not giving up on us, thank you for saving our 153-year-old club from oblivion.

"While Wycombe Wanderers owner, the Bearwood fiasco saw him come into direct conflict with our powerful, passionate fanbase, culminating in the training ground remaining under Reading's control (we imagine he’s quite grateful for that now!). Rumours of his views on both the academy – the jewel in our crown – and women’s team have also left some fans unsettled.

"However, the training ground issue is now in the past and Couhig should now be judged by his actions as our owner, not by rumours which arose while he was trying to buy the club.

"Some of these actions are already plain to see. The takeover process has been tortuous and – at times – ill-tempered. We know several bidders came and went, but Couhig remained, and for that alone we are incredibly grateful. He was determined, dogged and incredibly savvy. Having someone with those qualities in your club’s corner can only be a good thing and it is also worth stating that Wycombe Wanderers fans say he left them in a better place.

"There is also evidence of the ‘soft skills’ that football fans want to see from their clubs’ owners. A willingness to engage with supporters, a desire to be present, visible and accountable to local media and, of course, to have a few drinks in the Purple Turtle.

"Reading fans are now excited to hear in an open forum from Couhig about his plans. Our gratitude is immeasurable but cannot be unconditional. We are under no illusions that steps will need to be taken to undo the damage Dai has done to this football club, but we hope Couhig runs Reading transparently, prudently, in collaboration with Reading fans and with regard for the club’s identity.

"As for Sell Before We Dai, we are done. We will keep social media channels open and will always be willing to help support fans of other clubs in need, but the whole point of being in a protest group is to get to a point where you’re no longer needed, and that’s where we are. Work on the Football Governance Bill and all other fan-led, owner-related activity will roll into STAR. If you want to get involved, don’t hesitate to join. As we’ve seen, there is power in numbers.

"Lastly, this was the first time most of us have been involved in a campaign group and, though we know we didn’t get everything right, we hope we represented Reading fans' interests as best we could. A full list of thank yous to everyone who helped our club’s campaign will be coming soon.

"We’ve been sold before we Dai’d."