Reading FC takeover being brought to High Court to try and force Dai Yongge sale
Prospective buyer Rob Couhig is ‘baffled’ at how a deal has not yet gone through and will use the courts to try and force the unpopular Yongge into selling the club
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Sources state Couhig is pressing ahead with a claim in the High Court, to attempt to force through the sale at the previously agreed terms.
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UkeElm Park Kid Re: Couhig. Obviously none of us know what was really going on with him. But he clearly wasn't a 'chancer' or some joker looking to use this to increase his publicity. He put £5m into the club, was working from Bearwood and was taking key decisions. He's still got the picture from outside the training ground as his profile pic. He clearly thought that the deal was going to go through. Maybe he misjudged the situation and thought he could get away with a low-ball offer, that's business at the end of the day and if he thinks he can't buy the club at a price he can make a profit from in the future then can we really blame him? Ultimately the only way he could make money would be leaving us in a better situation than he found us.
I suggested in an earlier post that maybe Dai has found a new revenue source and decided to hang on to the club for a better price in the future. That didn't go down too well here. But I did say that an indication of this would be if he paid off his EFL fines. . . . .
I think that Dai pulled as the paperwork would have been drawn up over months. He would have been well aware of payment schedules and conditions.
I would suggest waiting a few months (January?) and then “miraculously” Couhig and Dai will have resolved their differences and the same deal is back on again…
Clyde1998 Going to the High Court will almost certainly bring out a lot more things we weren't aware of.
A lot of the things covered by the NDAs may become public. I don't know whether that will help with the sale going forward or not.
Crusader RoyalClyde1998 Going to the High Court will almost certainly bring out a lot more things we weren't aware of.
A lot of the things covered by the NDAs may become public. I don't know whether that will help with the sale going forward or not.
I would suggest it will probably scare off any other potential bidders, and as a lawyer Couhig wouldn’t be wasting time and money (given it’s his own not a client’s) without having a fairly high level of confidence that he will succeed. What success looks like in his eyes might be interesting - is he looking to recoup costs or actually force the sale through ? Will he seek an injunction preventing Dai flogging off assets ?
K
Mr Sitter On that subject, is it Friday that the wages are due and when would payment to HMRC become overdue if not paid ?
Clyde1998Mr Sitter On that subject, is it Friday that the wages are due and when would payment to HMRC become overdue if not paid ?
According to the government website: "22nd of the next tax month, assuming the players are paid monthly". I take that to mean if the players are paid on Friday, we'd have until the 22nd December to pay HMRC.
Mid Sussex RoyalClyde1998Mr Sitter On that subject, is it Friday that the wages are due and when would payment to HMRC become overdue if not paid ?
According to the government website: "22nd of the next tax month, assuming the players are paid monthly". I take that to mean if the players are paid on Friday, we'd have until the 22nd December to pay HMRC.
Yep so we can probably assume the November HMRC payment, due last Friday, was paid as we'd be on the EFL embargo list otherwise.
We were le to believe, by Howe I think, that we had enough money from Olise, or wherever, until mid November so the real acid test of where things are will be the wages payment on Friday.
traff Hope I am wrong but really can't envisage any outcome other than administration.
Reading Football Club would like to provide an update following the club's last formal communication on 7th October 2024.
In the previous statement it was confirmed negotiations had begun with a party looking to purchase the club, this process remains ongoing. The transaction has proved to be a complicated and lengthy process, however despite these obstacles, both the selling and buying parties remain committed to complete at the earliest opportunity.
While discussions remain ongoing, the day-to-day operations remain in place with the club navigating cashflow challenges to meet its obligations. Full focus will remain on operating as prudently as possible until the sale is completed to new investors who can take the club forward.
The club understands our supporters' eagerness for a resolution to the ongoing sales process. We are committed to providing updates when substantive information is available, or at least monthly until the sales process is complete.
Clyde1998 “[T]he club navigating cashflow challenges to meet its obligations” is concerning and suggests the prospective buyer isn’t providing any funds at this stage, like Couhig was.
Mid Sussex RoyalClyde1998 “[T]he club navigating cashflow challenges to meet its obligations” is concerning and suggests the prospective buyer isn’t providing any funds at this stage, like Couhig was.
That's how I read it too. No mention of exclusivity either.
Very likely a fire sale in January...luckily we're way better off points wise this time.
Clyde1998Mid Sussex RoyalClyde1998 According to the government website: "22nd of the next tax month, assuming the players are paid monthly". I take that to mean if the players are paid on Friday, we'd have until the 22nd December to pay HMRC.
Yep so we can probably assume the November HMRC payment, due last Friday, was paid as we'd be on the EFL embargo list otherwise.
We were le to believe, by Howe I think, that we had enough money from Olise, or wherever, until mid November so the real acid test of where things are will be the wages payment on Friday.
I believe Howe's statement was based on there being no outside funding of the club.
Given the club are under exclusivity with another buyer, it's possible there's no current monetary issues - although that exclusivity falling through could quite quickly cause problems.
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