Reading FC: Crisis club taken over by Redwood Holdings Limited, owned by Rob Couhig and Todd Trosclai

Rob Couhig has agreed a deal in principle with Chinese businessman Dai Yongge to buy Dai’s shares, the Select Car Leasing Stadium and the Bearwood Park training ground. The figure has not been revealed but it is thought to be between £25m and £30m.

The deal is with Redwood Holdings Limited, owned by Couhig and his business partner Todd Trosclair, In March, Dai was disqualified under the EFL’s owners’ and directors’ test and had been ordered to divest or risk the imposition of sanctions, including Reading being suspended from Sky Bet League One.

Following a takeover agreement, the EFL has agreed to extend its deadline for Dai, who became the club’s majority shareholder in 2017, to divest his interests until its next board meeting on Thursday.

A club statement said: “Reading Football Club is pleased to announce the sale in principle of the club to Redwood Holdings Limited.

“The formal completion of the transaction is subject to final legal technicalities but is fully expected to be completed shortly.”

Couhig had been close to agreeing a deal with Chinese businessman Dai last year before the sale process collapsed late on.

The Royals have been placed under a number of transfer embargoes and been handed points deductions totalling 18 points under Dai’s ownership.

A Reading fans’ protest group welcomed the impending takeover, with Sell Before We Dai saying in a statement: “It’s a day which we thought, at times, may never happen.

“We are incredibly relieved and happy that Reading Football Club are finally under new ownership. In the eight years of the Dai Yongge era, every single element of our club went backwards. Today is a day for celebration and that starts by welcoming Rob Couhig. Thank you for not giving up on us, thank you for saving our 153-year-old club from oblivion.”

Reading go into the final game of the regular season at home to Barnsley on Saturday afternoon outside the League One play-off spots on goal difference alone. They were last in the Premier League in the 2012/3 season, having seen some top-flight success between 2005 and 2008.