Reading’s owner Dai Yongge is reportedly being sued for £10.3million by an investor who lent the club £5m in an attempted takeover but alleges he didn’t get his money back after the deal collapsed.
Rob Couhig’s £25m takeover of the League One side collapsed in September and at the time the club stated that they had paid back all his loans with the accrued interest.
But now the American has lodged a claim in the High Court and is seeking £800,000 in costs and £9.5m in possible lost profits, according to The Sun.
Couhig, who owned Wycombe Wanderers between 2014 and 2019, made the claim against Renhe Sports Management, Yongge’s business through which he owns Reading.
Reading fans have consistently protested against Yongge’s ownership, which has seen the club slump from Premier League promotion contenders to almost dropping down into League Two, under the ‘Sell before we Dai’ campaign.
Royals have been docked 18 points throughout Yongge’s stewardship, which began in 2017, and last season were deducted six – four for late payment of wages and two for failure to meet HMRC payment obligations.
Reading owner Dai Yongge is reportedly being sued by a prospective buyer who claims the club did not pay him back £5million in loans – though the League One side insisted that they have
American lawyer Rob Couhig is seeking £800,000 in costs and £9.5m in possible lost profits
Yongge is an unpopular owner and fans have consistently protested against his ownership
There was hope Couhig could take over after he agreed a purchase price in the summer and all the paperwork was signed, the Sun says, besides Yongge’s signature – which was never granted.
‘Mr Dai remains committed to the sale of Reading Football Club and provisions are in place to fund the club until a transaction is completed,’ the club said in September.
‘The club acknowledges and appreciates the financial support provided by the potential purchaser during recent months. All loans have now been paid back to the potential purchaser in full along with the accrued interest.’
This week it emerged that former Reading owner Roger Smee’s bid to re-buy the club failed.
Smee, who played for the Royals in the 1960s and was a popular chairman in the 1980s, put together a local consortium over the past year to put together what he considered a serious and competitive bid, hoping to convince Dai Yongge, the club’s current owner, to sell.
His offer was lodged on Friday and rejected on Monday leaving Reading fans to fear once again for the future of the club.
Reading are having a solid season under Ruben Selles, sitting sixth in League One – a strong achievement considering they landed 17th last term.
‘I would much rather do a deal to take over the club than win these damages,’ Couhig, whose offer still stands, insisted.
Last season they were deducted six points, and they have been docked 18 overall under Yongge
‘I really want the club to transact before January so we can get down to business. But no one at Reading has had the courtesy to pick up the phone to me and say, “We don’t like X, we want Y.”
‘I made it clear from day one I am not a bank. I was only lending them money to buy the club.
‘I feel terrible for Ruben and the boys. I’ve tried not to be a distraction, which is why I’ve not said anything.
‘But enough is enough. I’m at my wits’ end and had to act.’
It has been a dire few years for Reading, who struggled for multiple seasons in the Championship before succumbing to the drop in 2022-23.
They were in the Premier League as recently as 2012-13 and reached the play-off final under Jaap Stam in 2016-17.
Last season were nine points away from dropping into the EFL’s basement tier.
