Hotel snag hits potential rescue deal for beleaguered Reading FC
The long-running takeover saga at Reading has been further delayed by a dispute over the status of an IGH hotel at the Select Car Leasing Stadium.
Former Wycombe owner Rob Couhig has agreed a £25m deal to buy the League One club that also includes the stadium and the training ground, thus ending the disastrous ownership of Chinese businessman Dai Yongge, but the voco Reading hotel is causing complications.
Reading have been in freefall under Yongge and were given three separate points deductions by the English Football League last season for repeated late payment of players and failure to pay their tax bill.
The club’s financial problems were so severe that staff were forced to wear coats indoors last winter as they were unable to fix a broken heating system at the training ground.
Key coaches were also made redundant, including manager Ruben Selles’ assistant, Andrew Sparkes, and the head of player development, Eddie Niedzwiecki.
Yongge had spent heavily at Reading after buying the club in 2017 before running into financial problems.
The club were docked a total of 18 points by the EFL under his ownership for late payments and were relegated to League One last year.
Couhig has pledged transfer funds to Selles if his takeover is approved before the window shuts next week, and will also meet the club’s debt repayments, although the former now appears unlikely.
The 75-year-old’s takeover is intriguing as he only sold Wycombe to Georgian businessman Mikhail Lomtadze in May following a failed bid to buy Reading’s training ground.
Couhig was at the Select Car Leasing Stadium for last Saturday’s game against Wigan with American businessman Todd Trosclair, who is set to join the Reading board if the takeover goes through.
