CONFIMRED - The final countdown

[El Diablo]

Massive thanks to El Diablo for those excellent updates

Thanks - new career in court reporting on the cards!

[Stranded]

Is there the option to still sell to couhig at the original price and all this goes away quickly?

Or is couhig no longer interested in that?

El Diablo’s last update suggests selling to RC is still an option (“ Redwood still want to buy “).

As I see it the basic situation now is the ball is with Dai. He has 3 options

1. complete the Platek deal and hopes he wins in June to get the £6m security back
2. sell to Couhig (presumably for less) and the June case goes away
3. fold the club and lose everything

Think 3 is definitely out, personally I’d hope for 1.

3 is not definitely out until 1 or 2 happens.

[Hound]

Is there the option to still sell to couhig at the original price and all this goes away quickly?

Or is couhig no longer interested in that?

El Diablo’s last update suggests selling to RC is still an option (“ Redwood still want to buy “).

As I see it the basic situation now is the ball is with Dai. He has 3 options

1. complete the Platek deal and hopes he wins in June to get the £6m security back
2. sell to Couhig (presumably for less) and the June case goes away
3. fold the club and lose everything

Think 3 is definitely out, personally I’d hope for 1.

Definitely out? Wish I was as certain!

[Sutekh]

Is there the option to still sell to couhig at the original price and all this goes away quickly?

Or is couhig no longer interested in that?

El Diablo’s last update suggests selling to RC is still an option (“ Redwood still want to buy “).

As I see it the basic situation now is the ball is with Dai. He has 3 options

1. complete the Platek deal and hopes he wins in June to get the £6m security back
2. sell to Couhig (presumably for less) and the June case goes away
3. fold the club and lose everything

Think 3 is definitely out, personally I’d hope for 1.

Definitely out? Wish I was as certain!

If he folds the club he gets nothing and is presumably left with a load of assets that can’t easily be sold, due to various caveats on usage etc, without even more legal wrangling and surely even Dai isn’t that stupid

[Hound]

This is Dai we’re talking about

[Stranded]

El Diablo’s last update suggests selling to RC is still an option (“ Redwood still want to buy “).

As I see it the basic situation now is the ball is with Dai. He has 3 options

1. complete the Platek deal and hopes he wins in June to get the £6m security back
2. sell to Couhig (presumably for less) and the June case goes away
3. fold the club and lose everything

Think 3 is definitely out, personally I’d hope for 1.

Definitely out? Wish I was as certain!

If he folds the club he gets nothing and is presumably left with a load of assets that can’t easily be sold, due to various caveats on usage etc, without even more legal wrangling and surely even Dai isn’t that stupid

I'd be more comfortable with that view if he hadn't already dissolved 2 clubs, essentially just because he could.

[MartinRdg]

This is Dai we’re talking about

[Extended-Phenotype]

Ugh. So a pretty depressing day. All we learned is that (a) Couhig paid the bills on the agreement the sale was a done deal, (b) he wants compensation for that agreement being broken, (c) his claim wasn’t really blocking the sale and (d) there is no sale to be blocked anyway.

The best news was that Dai is getting thrown out of the league in a months time anyway so he’d better get on with selling to whoever.

But in the end the judge was only assessing Dai’s case against Couhig, and that turned out to be bollocks. In which case, nothing has changed, nobody is being forced to do shit, and it’s “work it out between yourselves”.

Flat.

[bcubed]

So in simple terms does this mean a sale can go ahead? and what is escrow?

A spanish blackbird.

Joke sounds like it's courtesy of Carry On films

[MartinRdg]

Ugh. So a pretty depressing day. All we learned is that (a) Couhig paid the bills on the agreement the sale was a done deal, (b) he wants compensation for that agreement being broken, (c) his claim wasn’t really blocking the sale and (d) there is no sale to be blocked anyway.

The best news was that Dai is getting thrown out of the league in a months time anyway so he’d better get on with selling to whoever.

But in the end the judge was only assessing Dai’s case against Couhig, and that turned out to be bollocks. In which case, nothing has changed, nobody is being forced to do shit, and it’s “work it out between yourselves”.

Flat.

This seems to be different to what everyone else is reporting - does anyone know definitively?

[Extended-Phenotype]

What’s different about it?

[MartinRdg]

https://www.dailymail.co.uk/sport/football/article-14523379/Reading-chief-Dai-Yongge-FAILS-Owners-Directors-Test-debts-China-court-hears-amid-battle-sell-League-One-club.html

Mail Online article - spot the errors!

Reading chief Dai Yongge FAILS Owners' and Directors' Test due to debts in China, court hears - amid battle to sell League One club
Reading owner Dai Yongge has been unable to sell the League One club
A court has now heard that he has failed his Owners' and Directors' Test

Published: 13:25, 21 March 2025 | Updated: 13:25, 21 March 2025


Reading owner Dai Yongge has failed an Owners' and Directors' Test, a London court has been told.

The Chinese businessman is in court after being sued for £10.3m by ex-Wycombe owner Rob Couhig.

Couhig alleges he lent Reading £5m as part of an attempted takeover, only for the proposed £25m deal to collapse in September.

The Royals claimed at the time that they had paid back all his loans with the accrued interest.

But the American responded by lodging a claim in the High Court and is seeking £800,000 in costs and £9.5m in possible lost profits.

Couhig, who owned Wycombe Wanderers between 2014 and 2019, made the claim against Renhe Sports Management, Yongge's business through which he owns Reading.

A court has heard that Reading chief Dai Yongge (pictured) has failed an Owners' and Directors' Test

He is being sued by ex-Wycombe owner Rob Couhig (pictured) after his attempted takeover of Reading collapsed last year

Yongge (left) completed his Reading takeover in 2017, but his reign has been a disaster

Yongge has responded by trying to get an injunction against Couhig, who is attempting to block Yongge's bid to sell Reading to another buyer.

However, the court heard on Friday morning that Yongge has failed his Owners' and Directors' Test due to his debts in China.

As stated on the Premier League website, the Test 'outlines requirements that would prohibit an individual from becoming an owner or director of a club. These include criminal convictions for a wide range of offences, a ban by a sporting or professional body, or breaches of certain key football regulations, such as match-fixing.'

The review takes place on a seasonal basis.

Yongge failing the Test could be a major blow for his chances of selling Reading after he entered talks with an anonymous buyer last month.

Yongge completed his takeover of Reading alongside his sister Dai Xiu Lui in 2017, but the club have endured a torrid eight years with him at the helm.

They have dropped into League One amid their financial struggles, leading to multiple fan protests.

Reading's League One match with Port Vale was abandoned after just 16 minutes in January 2024 following a mass pitch invasion by angry supporters.

A mass pitch invasion to protest against Yongge caused Reading's game against Port Vale to be abandoned in January 2024

Fans are desperate for Yongge to sell the club, but he remains in charge for now

Reading owner Dai Yongge is 'being sued for £10.3m by investor who tried to buy the club'
article image
The fans refused to get off the pitch despite the club's pleas, leading to the game being called off.

The Sell Before We Dai fan group, which is aimed at pushing owner Yongge to leave the club, insisted the action was 'just the start'.

'We shouldn't be doing this. We should be enjoying the game with friends and family,' the group posted on X.

'This is just the start Dai. We are coming for you. So do yourself a favour and sell.'

Fourteen months later, Yongge is still in charge of Reading, who are currently eighth in England's third tier.

[El Diablo]

Ugh. So a pretty depressing day. All we learned is that (a) Couhig paid the bills on the agreement the sale was a done deal, (b) he wants compensation for that agreement being broken, (c) his claim wasn’t really blocking the sale and (d) there is no sale to be blocked anyway.

The best news was that Dai is getting thrown out of the league in a months time anyway so he’d better get on with selling to whoever.

But in the end the judge was only assessing Dai’s case against Couhig, and that turned out to be bollocks. In which case, nothing has changed, nobody is being forced to do shit, and it’s “work it out between yourselves”.

Flat.

This seems to be different to what everyone else is reporting - does anyone know definitively?

This is 100% bang on the money.

My view now is Redwood will slow roll everything , agree to nothing and leverage Dai

Next court case is in June.

[Snowflake Royal]

Is there the option to still sell to couhig at the original price and all this goes away quickly?

Or is couhig no longer interested in that?

El Diablo’s last update suggests selling to RC is still an option (“ Redwood still want to buy “).

As I see it the basic situation now is the ball is with Dai. He has 3 options

1. complete the Platek deal and hopes he wins in June to get the £6m security back
2. sell to Couhig (presumably for less) and the June case goes away
3. fold the club and lose everything

Think 3 is definitely out, personally I’d hope for 1.

3 looks the most likely to me.

[Stranded]

Is there the option to still sell to couhig at the original price and all this goes away quickly?

Or is couhig no longer interested in that?

El Diablo’s last update suggests selling to RC is still an option (“ Redwood still want to buy “).

As I see it the basic situation now is the ball is with Dai. He has 3 options

1. complete the Platek deal and hopes he wins in June to get the £6m security back
2. sell to Couhig (presumably for less) and the June case goes away
3. fold the club and lose everything

Think 3 is definitely out, personally I’d hope for 1.

3 looks the most likely to me.

It's interesting that the date mentioned that the EFL will disqualify him from is April 4th. Isn't 30 day he has then to sell the club?

30 days takes us to the 4th May.

Our last game of the season, 3rd May.

You don't need to be a genius to see the path the EFL are going down.

Enjoy the next 9 games.

[Snowflake Royal]

El Diablo’s last update suggests selling to RC is still an option (“ Redwood still want to buy “).

As I see it the basic situation now is the ball is with Dai. He has 3 options

1. complete the Platek deal and hopes he wins in June to get the £6m security back
2. sell to Couhig (presumably for less) and the June case goes away
3. fold the club and lose everything

Think 3 is definitely out, personally I’d hope for 1.

3 looks the most likely to me.

It's interesting that the date mentioned that the EFL will disqualify him from is April 4th. Isn't 30 day he has then to sell the club?

30 days takes us to the 4th May.

Our last game of the season, 3rd May.

You don't need to be a genius to see the path the EFL are going down.

Enjoy the next 9 games.

Indeed. There's no way they're having this shit play out over a third season.

[Snowflake Royal]

Mind you,could make the POs interesting if we miraculously make them only to be kicked out the league and give someone a free pass to the Final.

[Extended-Phenotype]

A court has heard that Reading chief Dai Yongge (pictured) has failed an Owners' and Directors' Test – yep.

He is being sued by ex-Wycombe owner Rob Couhig (pictured) after his attempted takeover of Reading collapsed last year – yep.

Yongge has responded by trying to get an injunction against Couhig, who is attempting to block Yongge's bid to sell Reading to another buyer. - Not quite, Daily Mail. Couhig is basically saying you can't sell and oxf*rd off into the void without resolving (or setting aside) what you (might) owe me. No sale has been, is being or needs to be blocked. The judge literally spelled that out.

[royalgent]

I'm not sure this is quite as dire as is suggested.

The point taken in court is that, on 4 April, Dai will be disqualified and need to cease being a Director/having control of the club. The requirement in the circumstances under the EFL regs is specifically:

"within 28 days of receipt of written notice given in accordance with paragraph 5.1, require the Director to resign as a Director and/or take such other steps as are necessary in all the circumstances to ensure that they no longer come within the definition of Director"

You can see a world where Dai/the club are able to wangle a further extension by demonstrating that (i) he has resigned as a director and (ii) is doing everything possible to sell the club.

Then again, it is the EFL we are talking about....

[Sutekh]

Chronicle reports loss of court case but injunction to prevent sale of club denied