The reported £55m hurdle was debt owed to Haitong International Securities by a company associated with then-owner Dai Yongge—not the price of Reading FC. The Guardian reported in October 2024 that the debt and security over the stadium threatened a proposed sale to Rob Couhig. Reading’s takeover is no longer pending: Redwood Holdings’ purchase was completed and ratified by the EFL on 14 May 2025.
What was the £55m hurdle?
The figure referred to a loan owed to Haitong International Securities. The Guardian reported on 10 October 2024 that the loan had originally been about £44m and had grown to more than £55m with interest. It said the debt was owed by a company associated with Dai Yongge, Reading’s then-owner, and that the lender had rights affecting the stadium if the debt was not repaid as part of a sale. That security issue reportedly jeopardised the proposed transaction with Rob Couhig. The Guardian’s report is the source for the debt figure and its reported effect; Reading’s own October statement did not disclose the debt.
The Guardian also reported an earlier proposed Couhig takeover value of £30m. That was a reported transaction figure, not the amount of the Haitong debt and not the value of the completed sale to Redwood Holdings.
What Reading and the EFL confirmed in October 2024
On 7 October 2024, Reading said it had agreed an exclusivity period with a potential purchaser. The proposed sale covered Dai Yongge’s shareholding, Select Car Leasing Stadium and Bearwood Park Training Ground. The club also said it was subject to a formal EFL registration embargo because its 2022–23 accounts had been filed late. Reading’s statement confirmed the sale process and the embargo, but did not identify the reported Haitong debt or confirm that it had been resolved.
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The distinction matters: the October club announcement established that negotiations were under way, while the debt and stadium-security obstacle were reported by The Guardian. The registration embargo was a separate issue tied to the late accounts, not another name for the £55m hurdle.
How the sale progressed from the reported obstacle to completion
- 7 October 2024: Reading announced an exclusivity period with a potential purchaser and disclosed the EFL registration embargo linked to late 2022–23 accounts. Club statement.
- 10 October 2024: The Guardian reported that the Haitong debt had exceeded £55m and that the lender’s rights over the stadium threatened the proposed Couhig deal. The Guardian.
- 27 March 2025: Reading said exclusivity remained in place and described a proposal for alternative security intended to address the security impasse and facilitate a sale. This was an intermediate step, not confirmation that the issue was cleared. Club statement.
- 22 April 2025: The EFL extended the deadline for Dai Yongge to divest his interests to 5 May, subject to the league’s other regulations. EFL notice.
- 3 May 2025: Reading announced a sale in principle to Redwood Holdings, subject to final legal technicalities. Club statement.
- 14 May 2025: BBC Sport reported that the purchase by Redwood Holdings, associated with Rob Couhig and Todd Trosclair, had completed and been ratified by the EFL. The transaction included the club, Select Car Leasing Stadium and Bearwood Park Training Ground. BBC Sport’s completion report.
Is the £55m hurdle still blocking Reading’s takeover?
No. The takeover was completed in May 2025, so the reported 2024 obstacle should not be described as an unresolved barrier to the sale. The available reporting establishes the debt and the threat it posed during the earlier negotiations; Reading’s October statement did not confirm the debt, and the later completion reports do not disclose a final repayment amount or explain the precise settlement terms.
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