CONFRIMED: Latest rumours Confrimed as Unconfrimed

[Royals and Racers]

Kieran Maguire not holding back on what Dai is doing in his latest podcast.
Article in the Reading Chronicle.

Pls can you summarize?

https://www.readingchronicle.co.uk/spor ... tion-news/

[From Despair To Where?]

Kieran Maguire not holding back on what Dai is doing in his latest podcast.
Article in the Reading Chronicle.

Pls can you summarize?

Says Dai is sticking 2 fingers up at football.

[Sutekh]

So he fails to pay his legal advisors then decides to switch to new legal advisors, you'd think the new legal advisors would ask questions of his ability to pay before accepting him given his track record. No doubt he'll be adding their legal costs onto what he wants for the club.

[Orion1871]

So he fails to pay his legal advisors then decides to switch to new legal advisors, you'd think the new legal advisors would ask questions of his ability to pay before accepting him given his track record.

Reminds me of a certain US Presidential candidate.

[andrew1957]

So he fails to pay his legal advisors then decides to switch to new legal advisors, you'd think the new legal advisors would ask questions of his ability to pay before accepting him given his track record.

Reminds me of a certain US Presidential candidate.

Now now don't be rude about Kamala Harris.

[WestYorksRoyal]

Update today from Matt Slater in the Athletic. Looks like Couhig hasn't cut ties entirely. I'll be honest that there is too much going on for me to keep up and understand, and I come across this sort of stuff in my day job.

After two straight wins, Reading are up to seventh in League One, their highest position in English football’s pyramid for 18 months and only five points behind Wrexham, America’s team, with a game in hand.

It would be a stretch to say these are heady days for a club that finished eighth in the Premier League in 2007 — and lost the Championship play-off final only seven years ago — but things are looking up after a miserable three-year run of points deductions, transfer embargoes and a relegation to English football’s third tier.

Or they should be looking up if common sense can be applied before the money runs out again.

Tuesday’s victory at Exeter City came on the same day it was confirmed that Reading’s holding company, Renhe Sports Management Co Ltd, had been served with a winding-up petition by Walker Morris, the law firm the club used for several years until its top sports lawyer, David Hinchliffe, left last month to join a new firm, Wiggins, taking the Reading account with him.

With Hinchliffe no longer on the payroll, Walker Morris took the not-unreasonable decision that it might be time to call in Reading’s sizeable debt to the firm. Reading — who have now been hit by four winding-up petitions since 2020 — declined to comment.

For those new to the boxset that is Reading’s takeover, Chinese businessman Dai Yongge bought the club in May 2017, shortly after that play-off final defeat. His reign in Royal Berkshire has been disastrous — for him and the club — with Reading’s fans in open revolt for over a year.

Dai has been trying to sell the club ever since they were relegated to League One in 2023 but received no concrete offer from a credible buyer until this summer, when New Orleans-based lawyer Rob Couhig appeared on the scene with a £30million bid for the club, stadium and training ground.

If you are wondering why a New Orleans-based lawyer would be interested in buying an English football team, you have obviously not been reading much of my output over the last five years. But Couhig is not just the latest wealthy American to fancy a spin on the promotion/relegation roulette wheel, he has already done it, having owned Reading’s neighbour, Wycombe Wanderers, for five years until May, when he sold the League One side to Kazakh billionaire Mikhail Lomtadze.

So, the 75-year-old litigator is coming into this with his eyes wide open. In fact, he even tried to buy Reading’s training ground earlier this year — when Dai seemed to be pursuing a yard-sale approach to getting his money back — only to quickly withdraw the offer after criticism from fans.

But, with his Wycombe sale proceeds burning a hole in his pocket and a gap in his weekend where the buzz of owning a football club used to be, Couhig and fellow Louisianian Todd Trosclair agreed a deal with Dai in August and fully expected to close it last month only for… well, they are still not sure.

Contrary to some reports, Couhig did not pull out of the deal. He had every right to, as the club inexplicably failed to disclose the fact that one of Dai’s British Virgin Island-registered companies had borrowed £55million from a Chinese state bank secured on the stadium until Couhig’s advisors stumbled on it during the late stages of due diligence, but he did not. Dai did.

This meant, Reading had to repay the almost £5million Couhig had lent them at the start of the season, which the club did very promptly, thanks to a sell-on clause in former star Michael Olise’s transfer to Crystal Palace that turned into a timely windfall when the France winger moved to Bayern Munich this summer.

Couhig, however, did not the cancel the liens, a form of security, he has on the training ground and stadium.

Why? Well, he declined to comment when The Athletic asked him but our educated guess is that he is a bit miffed nobody has taken the trouble to explain why his takeover, which was only Dai’s signature short of completion, collapsed, and he would still like to buy the club for what would appear to be a fair price of £30million, with just over half of that upfront.

If that is not possible because Dai has, as has been repeatedly suggested, another buyer, we suspect Couhig will release those liens as soon as Dai reimburses him for the £350,000 he has spent on legal fees and due diligence.

Our hunch, for what it is worth, is Dai will eventually realise he is not going to get a better offer than Couhig’s and Reading can return to being a club focused on wins and losses, not docked points, embargoes and winding-up petitions.

[blythspartan]

Update today from Matt Slater in the Athletic. Looks like Couhig hasn't cut ties entirely. I'll be honest that there is too much going on for me to keep up and understand, and I come across this sort of stuff in my day job.

After two straight wins, Reading are up to seventh in League One, their highest position in English football’s pyramid for 18 months and only five points behind Wrexham, America’s team, with a game in hand.

It would be a stretch to say these are heady days for a club that finished eighth in the Premier League in 2007 — and lost the Championship play-off final only seven years ago — but things are looking up after a miserable three-year run of points deductions, transfer embargoes and a relegation to English football’s third tier.

Or they should be looking up if common sense can be applied before the money runs out again.

Tuesday’s victory at Exeter City came on the same day it was confirmed that Reading’s holding company, Renhe Sports Management Co Ltd, had been served with a winding-up petition by Walker Morris, the law firm the club used for several years until its top sports lawyer, David Hinchliffe, left last month to join a new firm, Wiggins, taking the Reading account with him.

With Hinchliffe no longer on the payroll, Walker Morris took the not-unreasonable decision that it might be time to call in Reading’s sizeable debt to the firm. Reading — who have now been hit by four winding-up petitions since 2020 — declined to comment.

For those new to the boxset that is Reading’s takeover, Chinese businessman Dai Yongge bought the club in May 2017, shortly after that play-off final defeat. His reign in Royal Berkshire has been disastrous — for him and the club — with Reading’s fans in open revolt for over a year.

Dai has been trying to sell the club ever since they were relegated to League One in 2023 but received no concrete offer from a credible buyer until this summer, when New Orleans-based lawyer Rob Couhig appeared on the scene with a £30million bid for the club, stadium and training ground.

If you are wondering why a New Orleans-based lawyer would be interested in buying an English football team, you have obviously not been reading much of my output over the last five years. But Couhig is not just the latest wealthy American to fancy a spin on the promotion/relegation roulette wheel, he has already done it, having owned Reading’s neighbour, Wycombe Wanderers, for five years until May, when he sold the League One side to Kazakh billionaire Mikhail Lomtadze.

So, the 75-year-old litigator is coming into this with his eyes wide open. In fact, he even tried to buy Reading’s training ground earlier this year — when Dai seemed to be pursuing a yard-sale approach to getting his money back — only to quickly withdraw the offer after criticism from fans.

But, with his Wycombe sale proceeds burning a hole in his pocket and a gap in his weekend where the buzz of owning a football club used to be, Couhig and fellow Louisianian Todd Trosclair agreed a deal with Dai in August and fully expected to close it last month only for… well, they are still not sure.

Contrary to some reports, Couhig did not pull out of the deal. He had every right to, as the club inexplicably failed to disclose the fact that one of Dai’s British Virgin Island-registered companies had borrowed £55million from a Chinese state bank secured on the stadium until Couhig’s advisors stumbled on it during the late stages of due diligence, but he did not. Dai did.

This meant, Reading had to repay the almost £5million Couhig had lent them at the start of the season, which the club did very promptly, thanks to a sell-on clause in former star Michael Olise’s transfer to Crystal Palace that turned into a timely windfall when the France winger moved to Bayern Munich this summer.

Couhig, however, did not the cancel the liens, a form of security, he has on the training ground and stadium.

Why? Well, he declined to comment when The Athletic asked him but our educated guess is that he is a bit miffed nobody has taken the trouble to explain why his takeover, which was only Dai’s signature short of completion, collapsed, and he would still like to buy the club for what would appear to be a fair price of £30million, with just over half of that upfront.

If that is not possible because Dai has, as has been repeatedly suggested, another buyer, we suspect Couhig will release those liens as soon as Dai reimburses him for the £350,000 he has spent on legal fees and due diligence.

Our hunch, for what it is worth, is Dai will eventually realise he is not going to get a better offer than Couhig’s and Reading can return to being a club focused on wins and losses, not docked points, embargoes and winding-up petitions.

Yeah, there was also a new application made to the HM Land Registry yesterday against the SCL, but that could be something or not. I am trying to ignore all the noise now and just hope we get some good news soon.

[Uke]

Update today from Matt Slater in the Athletic. Looks like Couhig hasn't cut ties entirely. I'll be honest that there is too much going on for me to keep up and understand, and I come across this sort of stuff in my day job.

After two straight wins, Reading are up to seventh in League One, their highest position in English football’s pyramid for 18 months and only five points behind Wrexham, America’s team, with a game in hand.

It would be a stretch to say these are heady days for a club that finished eighth in the Premier League in 2007 — and lost the Championship play-off final only seven years ago — but things are looking up after a miserable three-year run of points deductions, transfer embargoes and a relegation to English football’s third tier.

Or they should be looking up if common sense can be applied before the money runs out again.

Tuesday’s victory at Exeter City came on the same day it was confirmed that Reading’s holding company, Renhe Sports Management Co Ltd, had been served with a winding-up petition by Walker Morris, the law firm the club used for several years until its top sports lawyer, David Hinchliffe, left last month to join a new firm, Wiggins, taking the Reading account with him.

With Hinchliffe no longer on the payroll, Walker Morris took the not-unreasonable decision that it might be time to call in Reading’s sizeable debt to the firm. Reading — who have now been hit by four winding-up petitions since 2020 — declined to comment.

For those new to the boxset that is Reading’s takeover, Chinese businessman Dai Yongge bought the club in May 2017, shortly after that play-off final defeat. His reign in Royal Berkshire has been disastrous — for him and the club — with Reading’s fans in open revolt for over a year.

Dai has been trying to sell the club ever since they were relegated to League One in 2023 but received no concrete offer from a credible buyer until this summer, when New Orleans-based lawyer Rob Couhig appeared on the scene with a £30million bid for the club, stadium and training ground.

If you are wondering why a New Orleans-based lawyer would be interested in buying an English football team, you have obviously not been reading much of my output over the last five years. But Couhig is not just the latest wealthy American to fancy a spin on the promotion/relegation roulette wheel, he has already done it, having owned Reading’s neighbour, Wycombe Wanderers, for five years until May, when he sold the League One side to Kazakh billionaire Mikhail Lomtadze.

So, the 75-year-old litigator is coming into this with his eyes wide open. In fact, he even tried to buy Reading’s training ground earlier this year — when Dai seemed to be pursuing a yard-sale approach to getting his money back — only to quickly withdraw the offer after criticism from fans.

But, with his Wycombe sale proceeds burning a hole in his pocket and a gap in his weekend where the buzz of owning a football club used to be, Couhig and fellow Louisianian Todd Trosclair agreed a deal with Dai in August and fully expected to close it last month only for… well, they are still not sure.

Contrary to some reports, Couhig did not pull out of the deal. He had every right to, as the club inexplicably failed to disclose the fact that one of Dai’s British Virgin Island-registered companies had borrowed £55million from a Chinese state bank secured on the stadium until Couhig’s advisors stumbled on it during the late stages of due diligence, but he did not. Dai did.

This meant, Reading had to repay the almost £5million Couhig had lent them at the start of the season, which the club did very promptly, thanks to a sell-on clause in former star Michael Olise’s transfer to Crystal Palace that turned into a timely windfall when the France winger moved to Bayern Munich this summer.

Couhig, however, did not the cancel the liens, a form of security, he has on the training ground and stadium.

Why? Well, he declined to comment when The Athletic asked him but our educated guess is that he is a bit miffed nobody has taken the trouble to explain why his takeover, which was only Dai’s signature short of completion, collapsed, and he would still like to buy the club for what would appear to be a fair price of £30million, with just over half of that upfront.

If that is not possible because Dai has, as has been repeatedly suggested, another buyer, we suspect Couhig will release those liens as soon as Dai reimburses him for the £350,000 he has spent on legal fees and due diligence.

Our hunch, for what it is worth, is Dai will eventually realise he is not going to get a better offer than Couhig’s and Reading can return to being a club focused on wins and losses, not docked points, embargoes and winding-up petitions.

Still reckon that the most likely final purchaser remains Couhig...

Dellor reporting on radio that Dai is considering 4 bids in next 48 hours, 3 pre Couhig and one new.

The not so good news is that the money runs out mid November.

Very mixed news. Presumably he didn't have anything to comment on this Blue River company, so could be bollocks or they could be the 4th bidder.

The optimist in me sees no reason why it can't be done by mid November when the funding runs out, given all the due diligence is done. EFL checks will be the biggest hurdle.

So three bids already binned off plus his mate?

Still reckon we'll eventually be seeing the return of Couhig with the bid "miraculously" getting accepted after an additional full stop is added to the contract.

This is just posturing by Dai

viewtopic.php?f=1&t=190810&p=5525397

[tidus_mi2]

I hope success on the pitch doesn't give Dai the idea he can hold out for a bigger payday with the potential of us being a Championship team next season.

[katweslowski]

Still reckon that the most likely final purchaser remains Couhig...

Yes I think that too, think the silence from him is just because there is really complex things going on behind the scenes.

[blythspartan]

Still reckon that the most likely final purchaser remains Couhig...

Yes I think that too, think the silence from him is just because there is really complex things going on behind the scenes.

I can’t see it personally, but who knows.

[Crusader Royal]

Still reckon that the most likely final purchaser remains Couhig...

Yes I think that too, think the silence from him is just because there is really complex things going on behind the scenes.

Might it also mean he’s no longer interested and has other things to do ?

[traff]

I hope success on the pitch doesn't give Dai the idea he can hold out for a bigger payday with the potential of us being a Championship team next season.

Unless he sticks in cash for contract extensions before January I think it is improbable.
Fully expect us to drop like a stone with an ever more threadbare squad to start 2025.

[Forbury Lion]

Kieran Maguire not holding back on what Dai is doing in his latest podcast.
Article in the Reading Chronicle.

Pls can you summarize?

Says Dai is sticking 2 fingers up at football.

he added, "or maybe even just one".

Gist of it is he's a Billionaire, he's saying can do what the feck he likes - hence no submission of accounts for the football club or parent company.

Also slight correction, The podcast "The Price of Football" is a joint effort with Kieran Maguire, Kevin Day and Producer Guy, Fair to say though that Kevin is the expert.

[From Despair To Where?]

Pls can you summarize?

Says Dai is sticking 2 fingers up at football.

he added, "or maybe even just one".

Gist of it is he's a Billionaire, he's saying can do what the feck he likes - hence no submission of accounts for the football club or parent company.

Also slight correction, The podcast "The Price of Football" is a joint effort with Kieran Maguire, Kevin Day and Producer Guy, Fair to say though that Kevin is the expert.

Nothing new in other words.

[Royals and Racers]

Says Dai is sticking 2 fingers up at football.

he added, "or maybe even just one".

Gist of it is he's a Billionaire, he's saying can do what the feck he likes - hence no submission of accounts for the football club or parent company.

Also slight correction, The podcast "The Price of Football" is a joint effort with Kieran Maguire, Kevin Day and Producer Guy, Fair to say though that Kevin is the expert.

Nothing new in other words.

He did offer the opinion that there is absolutely no reason why RFC haven’t complied with City rules and submitted the overdue accounts, which is exactly what i said last week and at least one poster wouldn’t accept the reasoning

[Uke]

It's not like I told you or anything...but you only need to scroll down my X profile and see everything I said including the X Space. Long before anything was known. But for people like @TimDellor back then, it was and I quote: "utterly bizarre and James Bond-like." The fact that I have not published any unverified information? I'd rather leave that to the BBC. That was his description of the X Space back then. That's the reason why nobody takes the BBC seriously anymore and nobody in my office takes the BBC seriously and the 9,000 employees at the companies where we have shares in. @TimDellor you let yourself be used anyway and parroted everything that the club or Nigel Howe told you. It's good that politicians in and around Reading have finally brought the issue to the House of Commons and that the pressure is being maintained there. I congratulate @MattRodda and @YuanfenYang . In the meantime, I have been a guest at the Chinese Embassy three times.

The Guardian and @MattHughesMedia have already published a small part and great respect to @mikeygow , with whom I was able to speak and what he found through his research in the Chinese public space. The rest of our Due Diligence will follow shortly. My goal, even as an investor, has always been to free football from politics and even states that use straw men to gain control over such traditional clubs as Reading. This must be prevented in the future.

And to all the people who duck away, who are unable to take criticism or who look away or even let others do the work and then pass it off as their own work. You know who you are and you have to look in the mirror in the morning. I warned you in a video call back then and now things are really getting going. The day will come when this explodes and all those who looked away or even "enabled" it will be exposed, not by me but by their own people. I am also specifically addressing Mr. Graham Odell here. Don't destroy your life for a man who has a lot to hide. Choose the right side. @KieranMaguire has already said a lot about this (the issue of not publishing and very late annual accounts) and he is right. It is only a matter of time before a Chinese bank files a claim, whether in the HM Land Registry or elsewhere. Birketts LLP, by the way, has excellent contacts in China. I wonder who mandated them. And yes, Reading is winning on the pitch right now. I'm happy for you. Just look away and enjoy the whole team. The only bright spot. #ReadingFC

Update on Dai Yongge #ReadingFC

Can’t access full info, but basic info:

29 judicial cases in PRC (image)
11th Oct - Court Judgement enforcement in loan contract dispute case.
22nd Sept - New case filed.
13th Aug - New case filed

Equity freeze in place

https://x.com/mikeygow/status/185055101 ... tSqepu5mUQ

CFO Graham Odell coming in for some stick there!

[blueroyals]

It was previously reported the stadium has been used as collateral for a loan in BVI which was not disclosed in due diligence. Which Dai has defaulted on

Now Mike Gow also thinks he's done this in HK too? https://x.com/mikeygow/status/1850629952888017276

How many more of these secured loans exist?

Who would touch the club when A) there could be any number more which Dai has failed to disclose B) the creditors are overseas C) the likelihood of default is extremely high

[Hound]

Still confused as to what is going on to be honest. This Loitz chapping hinting at all sorts but for whatever reason isn’t really disclosing anything. Another BS fantasist or is there genuinely something interesting about to happen?

And if Dai has all these money issues I still don’t know who he seemed to easily scrape together the 5m or so to pay Couhig back. Or why Couhig did actually pull out

Thank god the team is fun to watch at the moment

[traff]

We can only hope that the Chinese bank forces through a sale asap before Dai "disappears"