READING Football Club has officially been sold, bringing an end to Dai Yongge`s much-debated period of ownership.
The club, known as the Royals, confirmed the long-anticipated agreement in a statement released on Saturday morning.
Dai Yongge became the majority shareholder in 2017 but was recently given a deadline of May 8 by the EFL to sell his shares.
Redwood Holdings Limited, a subsidiary of Dogwood Football LLC, will become the new legal owners of the League One side.
According to a statement from Reading: “Reading Football Club is pleased to announce the sale in principle of the club to Redwood Holdings Limited.
“The takeover includes the Select Car Leasing Stadium and Bearwood Park Training Ground.
“The formal completion of the transaction is subject to final legal technicalities but is fully expected to be completed shortly.
“Based on the agreement between the parties, the EFL has agreed to extend its deadline for the divestment of Mr Dai Yongge’s shareholding until its next Board Meeting on 8 May.
“Redwood Holdings Ltd is a subsidiary of Dogwood Football LLC, which is owned by Rob Couhig and Todd Trosclair of New Orleans, Louisiana.”
Rob Couhig, previously the owner of Wycombe Wanderers, had attempted to purchase Reading for £30 million before a deal collapsed in September 2024.
Another prospective buyer, whose identity was not revealed, had also expressed interest and entered a period of exclusivity to potentially acquire the club.
However, this exclusivity period ended on April 9, which allowed Couhig to re-enter negotiations.
Yongge had sought a court injunction against Couhig, claiming the American was hindering his efforts to sell Reading. Couhig denied these allegations, and the case was dismissed.
The EFL had initially given Yongge an April 4 deadline to sell after he failed the league`s Owners` and Directors` Test, leading to his disqualification.
Reading faced a six-point deduction for breaching financial rules last season, finishing 17th in League One. This season, they are currently in seventh place heading into the final match, with an outside chance of securing the last play-off spot.
Couhig is anticipated to be present at the 24,000-seat stadium for the match against Barnsley this afternoon.
Meanwhile, the Royals` women`s team competed in the Women`s Super League in 2022-23 but withdrew from the Championship in June due to ongoing financial troubles and now plays in the fifth tier.
`Sold Before We Dai’d`
The Reading fan group “Sell Before We Dai” expressed immense relief and happiness regarding the club`s sale and Dai Yongge`s departure. They hope that Redwood Holdings Limited`s ownership will usher in a period of stability for the club based in Berkshire.
The protest group stated: “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.
“We’ve been sold before we Dai’d.”
