Yongge disqualified & told to sell Reading by April

Dai Yongge, owner of Reading, was given a 4-April deadline to sell the club after being disqualified under the EFL’s Owners and Directors’ Test.

Yongge was attempting to get an injunction against ex-Wycombe owner Rob Couhig, who he claimed was preventing his attempt to sell the Royals, at a hearing at the Commercial Court in London on Friday.

Judge Mr. Justice Jacobs did not grant the request for a mandatory injunction.

The League will take into account all options available under its regulations to bring the matter to a conclusion, and Mr. Yongge must do so in order to disqualify himself from the club.

The League and Reading FC continue to work together to make the sale of the club an immediate priority in order to put an end to the current uncertainty affecting its staff, supporters, and wider community.

Yongge argued in court on Friday that he is unable to sell while Couhig, who previously attempted to buy the club, and his securities are still in place.

Late last month, the Royals made the announcement that they had reached a deal with an undisclosed party regarding a potential takeover.

They stated at the time that they were optimistic that the deal would be completed “for the benefit of all parties involved” and that it would be “for the benefit of all parties.”

Since Yongge signed a letter of intent to sell the club in March, several takeover attempts, including Couhig’s, have failed.

The club acknowledges the judge’s clear indication that the parties should work together to resolve the club’s current dispute by offering alternative security or payment into escrow, according to the statement.

The club looks forward to working with Mr. Couhig to resolve this aspect of his claim in order to allow a sale to proceed.