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.
GettyThe takeover of Reading has finally been completed[/caption]
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.”
Reading were on the verge of going bust before the takeover was confirmed.
Former owner Dai Yongge purchased a 75 per cent stake in the club eight years ago but quickly became responsible for a series of financial issues.
As a result, the Royals were hit with several points deductions and suffered relegation from the Championship in 2023.
The drop to League One prompted Dai to put Reading up for sale.
Couhig expressed an interest in taking over earlier this year.
By the time it was completed, the club had been up for sale for over 600 days.
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