Reading have had a potentially significant setback in their attempt to save the club by agreeing a sale this week, with Rob Couhig rejecting a proposal from the owner, Dai Yongge, to lift his security over the Select Car Leasing Stadium and training ground.
The Guardian has learned that Reading have sent a legal letter to Couhig offering to place some of the proceeds from the proposed sale to Robert Platek in a frozen escrow account pending the result of his high-court claim for £12m, which is scheduled for July.
Couhig is suing Reading for loss of opportunity after Dai withdrew from a sale agreement last summer, with a hearing at London’s commercial court last month confirming that his mortgages against the club’s property assets remain in place.
Reading’s offer is an urgent attempt to resolve the impasse before an EFL deadline of Saturday for the club to be sold, which is the result of their decision to disqualify Dai as a director in February. The EFL board will meet on Thursday to discuss next steps if a sale is not imminent, with options including suspending Reading and preventing them from playing, which would have major implications for the League One promotion race.
Couhig’s lawyers are understood to have replied to Reading with a rejection, which will increase fears that the club could be suspended and enter administration.
“I told my lawyers to respond with: ‘Come back when it’s real,’” Couhig said. “I have very little faith in them frankly. I had 25 documents signed. I spent over $1m on legal and transaction fees. I came to England for a week and the money was in my account, ready to go.
“There’s nothing to talk about until they come to me with a binding agreement. I want to see a legally binding document that’s signed by both seller and buyer. That’s when we’ll have an agreement.”
Couhig still has aspirations to buy Reading despite taking a combative approach to the negotiations, and is reluctant to hand the club to Platek, the co-head of the global credit at private equity firm BDT & MSD Partners. Couhig, the former Wycombe owner, claims that Reading have violated the terms of his purchase agreement by entering exclusive talks with Platek.
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The EFL is extremely reluctant to suspend Reading, who despite the off-field turmoil are one point outside the League One playoff spots, but need evidence that the standoff can be resolved if it is to extend this week’s deadline.
Reading were approached for comment. The club said in a statement on 21 March: “Mr Dai remains committed to working with the EFL to sell the club and secure its long-term future.”