READING is currently facing a £10.3 million compensation lawsuit filed by former Wycombe owner Rob Couhig.
The American attorney has informed SunSport that he has submitted a claim in the High Court against Renhe Sports Management, the company through which Chinese businessman Dai Yongge owns Reading.
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Couhig is pursuing £800,000 for expenses and £9.5 million for projected lost profits after Yongge backed out of a £30 million agreement to acquire the League One club in September.
After settling on a sale price last summer, Couhig contributed about £5 million to assist with the Royals’ operational costs.
All necessary documentation to finalize the sale was ready—save for Yongge’s signature.
To Couhig’s surprise, he received an email from the club in September stating that the deal had fallen through.
Subsequently, Yongge entered exclusive negotiations with another potential buyer, whose identity has not been disclosed.
RSM has been contacted for comments.
Couhig emphasized his support for the interests of the League One club’s manager Ruben Selles and the team.
He remarked: “I would much prefer to complete a deal to acquire the club rather than pursue these damages.”
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“I genuinely wish for the club to finalize a transaction before January so we can start making progress. However, no one at Reading has had the courtesy to contact me and say, ‘We don’t like X, we prefer Y’.”
“I made it clear from the very start that I am not a bank. I was merely lending them funds to purchase the club.”
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“I feel terrible for Ruben and the players.”
“I have tried to remain out of the spotlight, which is why I have opted not to speak out.”
“But enough is enough. I’m at my breaking point and had to take action.”
Couhig has consistently maintained that his offer still stands.
Former Reading chairman Roger Smee revealed that Yongge has also dismissed his offer to buy the club.
