DailySun
READING is facing a compensation lawsuit amounting to £10.3 million, initiated by former owner Rob Couhig.
The American attorney has informed SunSport that he has filed a claim in the High Court against Renhe Sports Management — the firm 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 earnings after Yongge stepped back from a £30 million agreement to acquire the League One club in September.
Having agreed on a sale price last summer, Couhig invested approximately £5 million to assist with the Royals’ operating costs.
All necessary paperwork for completing the sale was prepared, with the exception of Yongge’s signature.
To Couhig’s astonishment, he received an email from the club in September announcing that the deal was terminated.
Subsequently, Yongge entered exclusive discussions with another potential buyer, whose identity has not been disclosed.
Comments have been sought from RSM.
Couhig emphasized his commitment to supporting the interests of the League One club’s manager Ruben Selles and the team.
He stated: “I would much prefer to conclude a deal to acquire the club than to pursue these damages.”
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“I genuinely hope the club secures a transaction before January so we can start moving forward. However, no one at Reading has had the courtesy to reach out and say, ‘We prefer Y over X’.”
“I expressed from the outset that I am not a financial institution. I was merely lending them the funds to purchase the club.”
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“I feel awful for Ruben and the players.”
“I have attempted to stay out of the public eye, which is why I have not spoken out.”
“But enough is enough. I’ve reached my breaking point and needed to take action.”
Couhig has continually maintained that his offer still stands.
Former Reading chairman Roger Smee revealed that Yongge has also turned down his approach to buy the club.
