Confirmed: Big Reading FC takeover update issued | OneFootball

The Royals' long-awaited takeover has now been completed

After a lengthy period of uncertainty, Reading FC's long-awaited takeover has been announced on Wednesday afternoon.

The Berkshire club and supporters had been under the previously controversial ownership of Chinese businessman, Dai Yongge, but have now confirmed that Redwood Holdings Limited - a subsidiary of Dogwood LLC - fronted by the duo of Rob Couhig and Todd Trosclair, have taken full control of the club, the Select Car Leasing Stadium and its Bearwood Park training facilities.

Couhig has previous experience of being an owner within the EFL, having overseen matters at Wycombe Wanderers where he stepped down as chairman last June, and will now look to progress the League One side forward after their seventh-place finish with an extremely youthful squad under the guidance of Royals cult hero, Noel Hunt.

All associated with the club have been left in the unknown for some time, with the club constantly sailing extremely close to the wind when it came to potential administration under Yongge's ownership, having plummeted from the Championship play-off final against Huddersfield Town in 2017 to the third-tier for the first time since 2002 after their relegation two seasons ago.

They were hit with a six-point deduction in the April of their relegation campaign before the EFL docked a further total of the same figure from their tally in 2023/24 after failing to comply with various EFL and HMRC regulations.

After failing to agree a takeover with the club last summer and the breakdown of Robert Platek's bid in April, Couhig launched a second bid, reported to be £25m and he was present for the final-day clash with Barnsley, although a 4-2 defeat would scupper Reading's play-off dreams.

However, the long-suffering supporters who voiced their concerns and frustrations with a series of protests have now seen the club taken over, with an official statement reading: "The Club are pleased to announce that Redwood Holdings Limited – a subsidiary company of Dogwood LLC, owned by Rob Couhig and Todd Trosclair of New Orleans, Louisiana – has completed the acquisition of 100% of the shareholding in Reading Football Club."

"The takeover, which has received EFL clearance, completed very early on Wednesday morning and includes the Select Car Leasing Stadium and Bearwood Park Training Ground.

"Both Couhig and Trosclair will join the club’s board with immediate effect, with Rob Couhig being named as Chairman.

"Rob is an investor, lawyer and entrepreneur who is the former owner of Wycombe Wanderers Football Club and the New Orleans Zephyrs – his hometown baseball team. Todd is the owner of All Star Electric, one of the largest and most respected electrical contractors on the USA’s Gulf Coast, and a successful investor within the real estate and hospitality sector. He is also the founder of the All Star Foundation which contributes to various charitable initiatives.

"Redwood is ambitious and dedicated towards the club returning to its rightful place within the English football pyramid, while adhering to clear principles of honesty , transparency, and financial sustainability. Further communication from Redwood will follow in due course," the statement concluded.

As a result of the aforementioned mismanagement, Reading have also been unable to fully operate in the transfer market. Just before the completion of Couhig and Trosclair's takeover, they had been taken off the EFL's transfer embargo list following the publishing of their 2023/24 accounts.

The club hasn't invested a cash sum in a new signing since the £3m obligation parted with for the permanent signing of Ovie Ejaria from Liverpool in 2020 after his initial loan spell, as it was also revealed that they had lost a staggering £180.1m throughout Yongge's tenure after he purchased the club for a reported £24.5m.

Whilst it has been far from ideal, the likes of Hunt and his predecessor, Ruben Selles, have nurtured plenty of high-potential talent in recent seasons as the club staved off the threat of back-to-back relegations before mounting a top-six bid against all odds, with the highly-rated Tyler Bindon a prime example as he prepares for his first pre-season with Nottingham Forest.

However, supporters will now believe the chances of retaining key players such as Joel Pereira, Amadou Mbengue, Lewis Wing and Harvey Knibbs throughout the core of the team will have increased significantly, and the addition of further quality and depth within the squad as a result of this fresh cash injection will only boost the forward-thinking mentality and positivity which will swirl around RG2.