The last-minute takeover of Reading Football Club by new American owners Rob Couhig and Todd Trosclair was covered by Devon law firm Kitson Boyce.
After the club’s former owner, Dai Yongge, was disqualified for violating financial restrictions, the League One team was on the verge of being suspended from the English Football League, but the transaction saved them.
In it, Yongge’s Renhe Sport Management Co. sells all of the club’s shares to Couhig and Trosclair, who are joint shareholders of Dogwood Football LLC and its UK subsidiary Redwood Holdings.
Separately, Prestige Fortune Asia Limited will sell Reading’s Select Car Leasing Stadium to Redwood Stadium Limited, another Dogwood affiliate.
Along with Cheryl Baxter, director of commercial property, corporate partners Cris Boyce and Steve Hanbury of Kitson Boyce provided advice on the acquisition. Andrew Pay, head of dispute resolution, and other firm colleagues also provided help.
“Football club deals are rarely straightforward, and this one was certainly no exception,” stated Boyce.
We faced considerable difficulties navigating various time zones and a sizable number of consultants situated in various countries because the parties to the transaction were based in the US, UK, Hong Kong, Singapore, Thailand, and the British Virgin Islands.
“In the end, we are thrilled to have gotten our clients the club, stadium, and training facility.
“To bring the deal back on track and over the finish line, the courts were involved in this process.
“The most important thing is that Reading FC is now under new ownership and in safe hands with a much brighter future.”
Boyce and Couhig have already collaborated, and this is not the American lawyer and businessman’s first foray into the English football scene.
During his five-year tenure as Wycombe Wanderers FC’s owner, Couhig made an effort to purchase Reading’s Bearwood Park training facility from Dai Yongge. In the end, the agreement fell through.
“I first met Cris and his team when I lent money to the Yeovil Football Club,” stated Couhig. “He safeguarded my interest back then and has done so ever since.
“When I acquired and sold my stake in Wycombe, he spearheaded the endeavor.
“After that transaction, I said that if I ever purchased another team in England, I would like to use Cris. My dedication to him has been validated by this event.
“Going forward, I know my first call will be to Cris, and I know that he and his team will work with me to produce the desired result.”
Read more at;https://www.sportupdates.co.uk
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