"Terrible news" - Pundit reacts to new Reading FC takeover developments | OneFootball

Reading suffered a huge blow on Wednesday with the news that Rob Couhig's proposed takeover had collapsed.

Pundit Carlton Palmer says the collapse of Rob Couhig's proposed takeover is terrible news for Reading.

Former Wycombe Wanderers owner Couhig had been in a period of exclusivity with current Reading owner Dai Yongge over recent months, and it had looked as though the deal was nearing completion.

Couhig has attended a number of the Royals' games this season, and he has met manager Ruben Selles, the players and the club's staff, while the deal had even been given approval from the EFL.

However, a statement from Reading on Wednesday afternoon confirmed that the takeover has fallen through after the two parties failed to reach an agreement, and all loans have now been paid back to Couhig.

It is a huge blow to Royals supporters who had hoped that Couhig's takeover would spell the end of Yongge's disastrous seven-year tenure, during which the club have been relegated to League One and had a total of 16 points deducted.

Yongge is said to still be looking to sell, but he will remain at the helm for now, and the club's immediate future will be funded by the money received from the sell-on clause in the deal that saw Michael Olise join Bayern Munich from Crystal Palace this summer.

On the pitch, it has been a decent start to the season for Reading, and Selles' men currently sit 12th in the table, just three points from the play-off places, but that will be overshadowed by the latest off-field developments.

Palmer: Latest takeover collapse is disappointing for Reading

Speaking excusively to Football League World, Palmer said that the collapse of Couhig's takeover is bad news for Reading, and he admitted that it has put the club in a precarious position.

"Terrible news for the long-suffering Reading supporters that Rob Couhig's takeover has now collapsed," Palmer said.

"It leaves them in a perilous position.

"It's really incredible, apparently Rob Couhig had satisfied the EFL's Owners and Directors Test, but Reading's owner failed to complete a deal to sell the football club.

"The immediate future will be funded by the money generated from the sell-on clause from the deal that took Michael Olise to Bayern Munich from Crystal Palace.

"Apparently Couhig had invested at least £5 million in Reading to meet the monthly bills and wages, but it's reported that he has been paid back.

"A statement coming out of Reading said that after lengthy and complex negotiations between the parties, they were unable to find an agreement, and the exclusivity period has now expired.

"It's really disappointing.

"Apparently Reading stand to make about £3.6 million from the £50.8 million sale of Olise, but the sell-on fee is to be paid in instalments.

"It's a difficult time for Reading and the supporters, and yet again disappointment.

"The club will be so disappointed in the owner Dai Yongge, especially as Couhig met all the demands from the EFL that he needed to meet.

"It seems from the collapse of the deal that Yongge was wanting too much money, and now it's left them in a perilous position moving forward.

"We'll have to see whether they can get a new owner, but this is really, really disappointing."

Dai Yongge must find Reading takeover solution

It is difficult to disagree with Palmer that the collapse of Couhig's takeover is devastating for Reading supporters.

After months of negotiations, it seemed as though discussions between Couhig and Yongge were heading in the right direction, and Selles claimed as recently as last week that he was confident the deal would be completed.

The fact the takeover came so close makes it even more heartbreaking for Royals fans to see it fall through, and they are now back to square one in their search for a new owner.