Latest news with #RedwoodHoldings
South China Morning Post
15-05-2025
- Business
- South China Morning Post
Controversial Chinese businessman completes sale of former English Premier League side
Reading have been taken over by former Wycombe Wanderers owner Rob Couhig's company Redwood Holdings Limited, the English Football League said on Wednesday, bringing an end to Chinese businessman Dai Yongge's controversial era. Yongge was ordered to sell the second-tier Championship club in March having been disqualified under the EFL's owners' and directors' test. He was initially given until April 4 to complete the sale, but the EFL twice granted an extension to the deadline, with Reading agreeing terms with Redwood Holdings Limited over the sale on May 3. 'Over recent weeks the league has worked closely with all parties to facilitate a timely transfer of ownership in order to end the uncertainty surrounding the club's future for its staff, supporters and wider community,' the EFL said. 'We look forward to working closely with the new ownership group and wish the club and its supporters a successful future following a difficult period for all associated with the club.' Yongge, who took over Reading in 2017, has been blamed by fans for the club's problems after they had six points deducted last season for financial mismanagement. They also withdrew from the Women's Championship due to financial issues.
The Guardian
14-05-2025
- Business
- The Guardian
Reading ownership nightmare finally over after Dai Yongge sells club to Rob Couhig
Dai Yongge has sold Reading to Rob Couhig, ending the Chinese businessman's turbulent reign. Couhig, the 76-year-old former Wycombe owner, has acquired the League One club, their stadium and training ground. The English Football League said they wished Reading and their supporters 'a successful future following a difficult period for all associated with the club'. A deal had been agreed for several weeks and has now been ratified by the EFL. The US-based Couhig has been named chairman and his business partner Todd Trosclair has also joined the board. Couhig tried to buy Reading last year but the deal collapsed in September 2024. Reading have been bought by Redwood Holdings Ltd, a subsidiary of Dogwood Football LLC, which is owned by Couhig and Trosclair. '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,' a club statement said. Reading have been docked 18 points across the past three seasons, a period in which the club have also been under a series of embargos for defaulted payments. Yongge cut funding for Reading Women, resulting in them withdrawing from the second tier last summer, and in March he was disqualified as an owner by the EFL and given a deadline to sell the club, owing to business activity in China. Sign up to Football Daily Kick off your evenings with the Guardian's take on the world of football after newsletter promotion A statement from the supporters' campaign group Sell Before We Dai said: 'We are incredibly relieved and happy that Reading Football Club are finally under new ownership. It's a day which we thought, at times, may never happen.'
New York Times
14-05-2025
- Business
- New York Times
Redwood Holdings Limited vow to return Reading ‘to its rightful place in English football' after completing takeover
Reading have announced that Redwood Holdings Limited has completed its takeover of the club. Both the English Football League (EFL) and the League One club confirmed that an agreement in principle had been reached on May 3. Redwood Holdings Ltd is a subsidiary of Dogwood Football LLC, which is owned by Rob Couhig, an American lawyer who previously owned fellow League One side Wycombe Wanderers. Couhig's investment will be made alongside business partner Todd Trosclair. Advertisement A statement from the club read: 'The takeover, which has received EFL clearance, was completed very early on Wednesday morning (May 14) and includes the Select Car Leasing Stadium and Bearwood Park Training Ground. 'Both Couhig and Trosclair of New Orleans, Louisiana, will join the club's board with immediate effect, with 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.' Amy and I are thankful to be in a partnership with Rob and Missy Couhig! It's Rob's tenacity that has gotten through this last year. We are all very excited to be a part of the Reading family and we will be attending many games. #RCouhig @ReadingFC — Todd Trosclair (@ToddTrosclair) May 14, 2025 Redwood's acquisition of Reading ends Dai Yongge's controversial eight-year ownership of the club, which has included multiple points deductions and relegation from the Championship. The Chinese businessman has been disqualified under the EFL's owners' and directors' test and was given until May 8 to divest his interests in the club. In June 2024, Reading were forced to withdraw from the Women's Championship for the 2024-25 season due to financial issues, being demoted to the fifth tier of English women's football. Reading's 4-2 home defeat to Barnsley on May 3 meant that they finished in seventh position in League One, three points off securing play-off qualification.
The Independent
14-05-2025
- Business
- The Independent
Reading saved from potential EFL expulsion as ex-Wycombe owner Rob Couhig completes takeover
The league said it had provided final clearance under its regulations which places Reading under the ownership of Rob Couhig and Todd Trosclair and their company Redwood Holdings, with controversial ex-owner Dai Yongge now having divested from the club. The news marks the end of Dai's nightmarish time at the helm. During his tenure, the Royals have been placed under a number of transfer embargoes and been handed points deductions totalling 18 points. Reading were very close to going under, experiencing multiple winding-up petitions related to unpaid taxes. Dai was then expelled by the EFL, who ordered the club to find a new owner. In a statement Reading said: "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 per cent 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. "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." Under Yongge's ownership, the men's side were relegated to the third tier while the women's team withdrew from the Women's Championship last year for financial reasons. They are now playing in the fifth tier having played in the Women's Super League as recently as 2023. Previous negotiations for Couhig, who is a former Wycombe chairman, to purchase the club broke down in September 2024, and in March of this year Yongge - who has been disqualified as a club owner by the EFL - claimed Couhig was blocking his efforts to sell. The club was involved in a number of exclusivity agreements with interested parties, which ultimately lapsed, prior to the sale. A statement from the supporters' campaign group, Sell Before We Dai, said: "We are incredibly relieved and happy that Reading Football Club are finally under new ownership. It's a day which we thought, at times, may never happen. "In the eight years of the Dai Yongge era, every single element of our club went backwards. The first team were relegated, the women's team were essentially folded and staff were made redundant as every operational element of the club was cut back to the bare bones. "Those who remained were forced to work with tight budgets and under immense pressure. Sometimes they weren't even sure if they'd be paid at the end of the month. "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." PA
The Sun
14-05-2025
- Business
- The Sun
Reading takeover finally COMPLETED as crisis club release statement after being saved from brink of going bust
THE takeover of Reading FC has officially been completed. Redwood Holdings Limited have finally put pen to paper on a deal that sees them acquire 100 per cent of the League One club. 1 As a result, Rob Couhig - the owner of the company - will become chairman. Co-owner Todd Trosclair has joined the board with immediate effect. A statement read: "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." It concluded: "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." THIS IS A DEVELOPING STORY..
