CONFIMRED - The final countdown

[Uke]

Couhig is literally the only prospective owner out there.

We have literally heard nothing from the "exclusivity" group or Rob Platek - why not? Not a peep. So far "it is only reported" that he (and his murky "consortium") are the ones in exclusivity.

Also when does the exclusivity end? It was six weeks from the declaration of exclusivity yesterday.

[Mid Sussex Royal]

Based on that what does that make DY?

Every time someone points out that Couhig risks ruining the club, doesn't mean they absolve Dai of his role.

Dai got us into this mess. Couhig threatens to finish the job for him.

Honestly, I don’t know what to think, but if you listen to RC it sounds like he’s outfoxed Dai. If RC taking control of the club is the only way it can be saved I am in.

Do you believe that a deal with Platek is close? I don’t trust the club, but hope I am proven wrong.

Given Couhig has agreed the escrow figure, if a deal with Platek was close you'd think this would be resolved pretty quickly.

The nearer we get to the 22nd you'd have to say this isn't the case and can see Platek walking away.

[katweslowski]

Couhig is literally the only prospective owner out there.

We have literally heard nothing from the "exclusivity" group or Rob Platek - why not? Not a peep. So far "it is only reported" that he (and his murky "consortium") are the ones in exclusivity.

Also when does the exclusivity end? It was six weeks from the declaration of exclusivity yesterday.

I have no idea but isn't the not hearing anything normal? There's nothing to say really as there's been no purchase, it's just going through legal proceedings, paperwork, getting money ready etc... commenting would be a bit risky wouldn't it? A bit like when Couhig did?

[katweslowski]

I am so so confused now. I had thought the Couhig deal was totally off the table and the recent court action was simply about paying him money he lost due to Dai being a kn0bjockey.

I also thought Platek and his crew were he latest to step forward and the deal/future of the club hinges on that going through

...

Are people saying that they think Couhig is still trying to strongarm the purchase of the club? How ... why would Platek walk away, how can Couhig buy it at last minute, I thought it was all over for him and the club?

The more I read the more confused I get - can someone break it down so a simpleton like me can understand

[Armadillo Roadkill]

I am so so confused now. I had thought the Couhig deal was totally off the table and the recent court action was simply about paying him money he lost due to Dai being a kn0bjockey.

I also thought Platek and his crew were he latest to step forward and the deal/future of the club hinges on that going through

...

Are people saying that they think Couhig is still trying to strongarm the purchase of the club? How ... why would Platek walk away, how can Couhig buy it at last minute, I thought it was all over for him and the club?

The more I read the more confused I get - can someone break it down so a simpleton like me can understand

For some reason, none of us know why, Dai and his team seem dead set against selling to Couhig. They treated him shabbily, and I can understand that he's angry.

So Couhig starts up a case that seems utterly illogical -and keeps his hold over the stadium and training ground so that, were he to win his case, there would still be money enough to pay him. Most people believe he's doing this to hold up the sale to Platek, so Dai is then forced to sell to him.

Platek is a credible buyer, who identity has been confirmed by reliable sources, but he's chosen to say nothing. We don't even know if he's still interested.

[Silver Fox]

why would Platek walk away

Because Couhig's nonsense is making things untenable?

[blueroyals]

Before Couhig went public there was evidence his deal was moving along. People tracked down the acquisition company on companies house, etc. Nothing of the sort for Platek's deal AFAIK

[Sutekh]

Couhig is literally the only prospective owner out there.

We have literally heard nothing from the "exclusivity" group or Rob Platek - why not? Not a peep. So far "it is only reported" that he (and his murky "consortium") are the ones in exclusivity.

Also when does the exclusivity end? It was six weeks from the declaration of exclusivity yesterday.

Sorry, but isn’t that precisely what’s meant to happen when in exclusivity?

[Sutekh]

I am so so confused now. I had thought the Couhig deal was totally off the table and the recent court action was simply about paying him money he lost due to Dai being a kn0bjockey.

I also thought Platek and his crew were he latest to step forward and the deal/future of the club hinges on that going through

...

Are people saying that they think Couhig is still trying to strongarm the purchase of the club? How ... why would Platek walk away, how can Couhig buy it at last minute, I thought it was all over for him and the club?

The more I read the more confused I get - can someone break it down so a simpleton like me can understand

No the court case was an attempt by Dai to show RC was the naughty person because of his securities but as with his all his harebrained schemes the judge just called him out on it.

The club are rumoured to be in exclusivity with Platek’s group which may or may not be successful depending on how “safe” Platek feels with the utter mess Dai has put the club into. Theoretically the club’s priority should now be to putting the escrow deal into the format that RC wants so he will sign it off - and you can’t blame RC for demanding legally binding documentation around it signed by all parties (incl. Platek) after the utter farce he encountered when originally dealing with the current owner.

RC’s “bid” is in the background, as far as I understand things, presumably waiting in case Platek pulls out after realising the sheer amount of mess the club is in.

Of course all this presumes Dai actually wants to sell and not just screw the club out of the FL.

[Esteban]

I am so so confused now. I had thought the Couhig deal was totally off the table and the recent court action was simply about paying him money he lost due to Dai being a kn0bjockey.

I also thought Platek and his crew were he latest to step forward and the deal/future of the club hinges on that going through

...

Are people saying that they think Couhig is still trying to strongarm the purchase of the club? How ... why would Platek walk away, how can Couhig buy it at last minute, I thought it was all over for him and the club?

The more I read the more confused I get - can someone break it down so a simpleton like me can understand

This is my understanding of it, based on the past 2 interviews Couhig has given. We haven't heard anything from Dai, so we don't know if this is right or wrong and it's up to individuals to make up their own mind. FWIW, I was very wary of Couhig at first, but having heard his side of the story, I'm inclined to think that he's just a businessman trying to do what's right by himself and the club - in that order.

Couhig got played by Dai to the tune of £5m! Dai effectively got an interest free £5m out of Couhig and let him believe he was going sell him the club. Couhig put £1m into the buying process, everything was agreed and then Dai pulled the plug at the very last second. No wonder Couhig's mad.

Couhig put securities on the stadium and Bearwood, pertinent to the £5m loan. Dai breached the terms, so there is a case to be heard. Reading FC lost the initial court case to throw out Couhig's claim. That claim will now be heard in June. The judge was very clear that it should not delay or prevent the sale and gave a pathway to resolve it - Escrow.

Couhig has agreed to the Escrow amount Dai put forward in principle, but wants a legally binding document to support it. That requires sign-off from Dai and from Platek. Nobody knows what's going on with Platek at the moment, but that's not necessarily a bad thing given we are in exclusivity. It's not necessarily a good thing either, we just don't know.

Couhig has also stated that the structure of his deal to buy the club did change during his due diligence last year, relating to a previously unknown £50m loan that Dai secured against the stadium. A pathway to clearing that was sorted out last year, so it's possible that it was Couhig's work that led to that outcome. However, the total value of the deal did not change, just the way it was due to be paid. That's not unusual during a due diligence period.

If Dai fails to sell the club by the final EFL deadline (whenever that is, as it could be extended again), then it's Couhig's understanding that he can step in and take control of the stadium and Bearwood and that would somehow save the club. That's where I get a bit lost, as Dai would still own the club (effectively the name and a place in the EFL), so Couhig would still need to purchase that from Dai. As things stand, Couhig can save the stadium and training ground, but what that means for the club, I'm unsure.

[Forever Royal]

I think the club, Dia and Platek are completely disrespecting the fans by not putting out a statement on what the hell’s going on. There wouldn’t be a club if it wasn’t for the fans and at this rate there won’t be a club for much longer anyway.
Rant over.

[Snowflake Royal]

I have such a cynical view on all of this now (I know it shouldn't have taken this long).

The EFL delaying it again -
Positive stance - they can see genuine progress being made
Negative (realist) stance - delaying the inevitable, still can't get hold of Dai - by kicking the can down the road it gives them longer to decide what to do when Dai hasn't sold. Why haven't they stated that they have spoken to the prospective owner who is in exclusive talks?

I have naively believed the Club statements to date and had the blinkers on due to the success we are having on the pitch (long may it continue) - but we simply cannot believe/ trust anything we see and hear until something is signed.

I fell very foul of that when I met Couhig at the Wigan game in August, spoke to him (and was told the deal was done and to be signed in two days time) and he was being followed by Club videographers and social team. Would love to see where all that footage ended up.

Appreciate this post is a mumbling nothing.

The key to whether it's delaying or actual positive signs is if they give another extension after 3 May. If not, it was just marking time.

[Snowflake Royal]

Ultimately Couhig can only be judged on the outcome. If he prizes the club and assets out of Dai's hands I'll welcome him as the man who took the fight to Dai and ultimately saved the club.

If he can't achieve that and we end up getting expelled/liquidated he's an utter c*** who played a big part in our demise and should have no further involvement in English football.

He talks a good game but it's the fog of war and I have no idea what to believe. But is appears there is no middle ground; it's clear from his words that this doesn't end with a sale to Platek.

Until someone shows me Dai's signed off on a sale and Couhig has prevented it going through, I've no interest in any blame at his feet.

[Snowflake Royal]

The club has been able to demonstrate to the EFL's satisfaction that they are in exclusive sale discussions with someone. That's a fact. It's pesumed to be Platek.

There is no evidence how far advanced that deal is or whether it would go through successfully

Couhig had a deal completed pending one signature, and has said he would still buy the club tomorrow.

There is absolutely no evidence that if Couhig stopped his case tomorrow Dai would sell the club. None.

[Dirk Gently]

I think the club, Dia and Platek are completely disrespecting the fans by not putting out a statement on what the hell’s going on. There wouldn’t be a club if it wasn’t for the fans and at this rate there won’t be a club for much longer anyway.
Rant over.

Ah, bless. Fancy thinking that fans matter to anyone involved in the world of football finance.

[Armadillo Roadkill]

I think the club, Dia and Platek are completely disrespecting the fans by not putting out a statement on what the hell’s going on. There wouldn’t be a club if it wasn’t for the fans and at this rate there won’t be a club for much longer anyway.
Rant over.

Ah, bless. Fancy thinking that fans matter to anyone involved in the world of football finance.

To be fair, it's not unreasonable to expect a company to communicate to its customers. Keeping your customers onboard is quite an important part of any business plan.

I know we're all loyal mugs, and are unlikely to go off and support Swindon or Aldershot because Reading disappoint us, but it's probably good business to keep the fans onside. It's not like the PL where we could be replaced as a "legacy supports" revenue stream by tourists in the stadium and streaming revenue from Thailand or Indonesia.

[Snowflake Royal]

I think the club, Dia and Platek are completely disrespecting the fans by not putting out a statement on what the hell’s going on. There wouldn’t be a club if it wasn’t for the fans and at this rate there won’t be a club for much longer anyway.
Rant over.

Ah, bless. Fancy thinking that fans matter to anyone involved in the world of football finance.

To be fair, it's not unreasonable to expect a company to communicate to its customers. Keeping your customers onboard is quite an important part of any business plan.

I know we're all loyal mugs, and are unlikely to go off and support Swindon or Aldershot because Reading disappoint us, but it's probably good business to keep the fans onside. It's not like the PL where we could be replaced as a "legacy supports" revenue stream by tourists in the stadium and streaming revenue from Thailand or Indonesia.

On the other hand, you wouldn't expect Sainsbury's to give it's customers regular updates on takeover talks.

People expect to be kept updated with information levels which are simply never going to be shared and aren't appropriate to share. And then complain when there is a statement that it isn't enough and a week later want another one.

People don't really want a statement, they want the deal done.

[Forbury Lion]

Before Couhig went public there was evidence his deal was moving along. People tracked down the acquisition company on companies house, etc. Nothing of the sort for Platek's deal AFAIK

Possible reasons for this

1. They are buying the existing Reading FC holdings company and that will be the company, no need to set a parent company up just to own the Reading FC holdings company which owns the other companies
2. They already have a company setup and don't need to set one up specifically for this
3. Their holding company with all the cash to buy the Reading FC holdings company isn't based in the UK and therefore won't be on Companies House so we won't see anything there.

[Forbury Lion]

American potential buyers Couhig and Platek....... Chinese seller.....This isn't going to somehow be screwed up thanks to Trumps Tariffs is it? There's no tarrif on cash is there?

[Armadillo Roadkill]

American potential buyers Couhig and Platek....... Chinese seller.....This isn't going to somehow be screwed up thanks to Trumps Tariffs is it? There's no tarrif on cash is there?

Shouldn't be. Tariffs are on goods. They could be on services. Unlikely to be on investments.