"Never experienced anything like this" - Rob Couhig opens up on failed Reading FC takeover | OneFootball

Former Wycombe Wanderers owner Rob Couhig has spoken out for the first time about his failed attempt to buy Reading.

Former Wycombe Wanderers owner Rob Couhig has revealed that he has still not been told why his potential takeover of Reading collapsed.

Couhig had been in a period of exclusivity with current Reading owner Dai Yongge over the summer, and it seemed as though discussions were heading in the right direction, with the American businessman meeting players and staff at the club and attending a number of games.

The deal had even been given approval from the EFL, but in mid-September, the Royals released a statement confirming that the takeover had fallen through after the two parties failed to reach an agreement, and all loans had been paid back to Couhig.

It was a devastating blow to Reading supporters who had hoped that Couhig would be the man to end Yongge's disastrous seven-and-a-half year tenure, during which time the club have had a total of 18 points deducted and suffered relegation to League One.

Yongge is still looking to sell the Royals, and he is currently in a period of exclusivity with another prospective buyer, who is providing funds to run the club until the takeover is completed, but there have been no updates on the situation since the start of October.

Despite their ongoing off-field issues, it has been a strong start to the season for Reading on the pitch, and they currently sit 10th in the League One table, just three points from the play-off places.

Rob Couhig on failed Reading takeover attempt

Couhig had previously declined the chance to discuss his attempt to buy Reading, but he has now decided to speak out, and he revealed that he has still not been told why the deal collapsed.

"I have deliberately not said anything because I would still like to do the deal we agreed," Couhig told The Athletic.

"To this date, I have not been told why the deal wasn’t done. All the documents had been drafted and circulated by the sellers’ lawyers and they had been signed by every party, including the minority owners in Thailand, apart from Dai Yongge.

"I got up that Monday morning thinking it was finally the day when we would get the keys — I told my wife I would be off to England again. But I then saw an email from our lawyers saying the money we had loaned the club had been returned. No explanation, no thanks."

While Couhig admitted that he is in the dark about the reasons behind his failed takeover, he speculated that his plans may have scared some of those at the club, stating: "Some people on the inside (of the club) could see there would be substantial change.

"It’s a great club, with lots of good people, and we like the team and (head coach) Ruben (Selles), but it needs a managerial overhaul."

Couhig regularly attended Royals games during the negotiation period, and he posted photos on social media showing him visiting locations in the town, such as the popular Purple Turtle bar.

There have been rumours that Couhig may have been to blame for the breakdown of the deal, with some suggesting that his social media activity may have angered Yongge, but that was a claim he emphatically dismissed.

"It’s nonsense," Couhig explained.

"I came to Reading four times and in every instance we were encouraged by the club to give the fans some hope that things were happening with the sale. Frankly, we were told it would be good for me to post some pictures."

With little sign of imminent progress on the takeover front, Reading remain in a precarious situation, and Couhig has now started legal action of his own, claiming that the club breached his exclusivity agreement by speaking to other parties.

"I’m absolutely sure they breached my exclusivity by talking to others," Couhig said.

"We have a claim but we’ve turned it over to our solicitors. I’ll leave it at that.

"I’m trying not to be controversial here but I’ve been doing deals for 40 years and I’ve never experienced anything like this before."

It is fair to say that Reading supporters do not have much faith in Yongge to sell the club, and Couhig's comments will increase their concerns.

Of course, Couhig's version of events is only one side of the story, but it certainly seems as though the former Wycombe owner was genuine in his attempts to buy the club, and it is worrying that he has not even been given an explanation as to why his deal collapsed.

Couhig had started to build a relationship with the Royals fan base through his social media posts, and negotiations with Yongge appeared to be progressing well, so there is no doubt that it was a huge blow to see his takeover fall through, particularly as it got so close to completion.

With no updates for over a month on the discussions with the new prospective buyer, a winding-up petition being filed against Yongge's holding company over unpaid fees and legal action from Couhig, Reading supporters will once again be fearing for the future of their club.