Former Reading FC CEO Nigel Howe, who is overseeing a takeover deal, was put in front of the media on Thursday afternoon to provide an update on the situation.
Recent negotiations with former Wycombe Wanderers chairman Rob Couhig have broken down, meaning the club is now inviting new parties back to the negotiating table.
Interviewer questions in bold, Nigel Howe’s responses in italics.
You originally set a target for completion at mid May, knowing the complexities of the deal, why did you do that?
Because it was all down to how much money we had at the time.
Knowing that now in the position we are in, what your feelings knowing the we are back to square one?
The good news is that if there is another transaction coming anytime soon that all the DD’s have been done. All the nooks and crannies and structural stuff has been through the lawyers and they’ve got it in a data room. In theory, anybody coming in we can go ‘We will give you that’ that’s yours, you can’t take take X amount of time now because we’ve given it to you as a package. You don’t have to ask us questions, read it first and then ask us questions.
Best case scenario is that a deal gets done before your ban, but if that doesn’t happen is there a contingency plan in place?
What I’m doing at the moment is making sure that all the senior management is properly briefed. Hopefully the quantum of documents put in place can purely be novated over and given to any new purchaser.
You say that Mr Dai is committed to a deal but you haven’t contacted him in three weeks, why is that the case?
Because he has through his employees, they’ve communicated that he wants to get on with a new transaction at the earliest opportunity but it’s got to go through the process.
Surely if that was the case then he’d be in constant communication with you?
He’s never been in constant contact with me.
How about Dayong Pang?
I speak to Dayong Pang a lot.
Is he still located in the UK?
He is, yes.
Is he actively working on a deal?
I have no idea.
You said you’ve been involved in four takeover processes at this club, why should fans trust you to be the man to get this deal over the line?
I don’t know how to answer that other than the fact I’m doing my best to get the right buyer in. There is a level of cynicism that is attached to what I’ve been doing but I can’t do anything about that.
Surely you’d accept that the last buyer that came in, Mr Dai, was clearly not the right man for the club. Why will it be different this time?
You say that but Mr Dai has put £400million into the club, you answer me that why is that not the right man for the job?
Look at the situation the club is in now, it’s clear that he isn’t the right person for the job.
He’s made some bad decisions. He didn’t not commit to putting in a good amount of funding. I’d be amazed if anyone else puts £400million in.
He has put a lot of funding in previously but it’s obvious that he never had a coherent plan.
I think that point requires further debate. You probably have a lot that would say that’s going in the right direction.
Are you in contact with Ruben Selles at all? From the outside looking in, people would say why would he stay here? He’s done a great job for the team, why wouldn’t he go someone else?
That’s not a question for me.
But surely it’s in your interest to get a sale done as quickly as possible to put any rumours of him leaving to bed?
All I would say is that I think Ruben has done a great job.
There have been rumours that Kia Joorabchian is involved and would be interested in purchasing the club, would you be willing to shut those rumours down given his relationship with Mr Dai?
I haven’t spoken or heard from Kia in a year plus.
Is he still involved with Mr Dai?
I don’t think so.
Is it purely financial? Why else would Mr Dai not sign off on a deal with Rob Couhig? Is he asking for more money?
That’s a question for Mr Dai.
But you know that we cannot get an answer from him, we cannot contact him to ask him that.
I can’t tell you how his mind works.
When are you next planning to be in contact with Mr Dai? Surely after this deal has broken down you need to communicate with him?
I’ve communicated with Mr Pang about it and asked him what the plan is.
So did he have some part to play in this deal not going through?
I have no idea
