(Reuters) -Reading have been taken over by former Wycombe Wanderers owner Rob Couhig's company Redwood Holdings Limited, the English Football League said on Wednesday, bringing an end to Chinese businessman Dai Yongge's controversial era.
Yongge was ordered to sell the second-tier Championship club in March having been disqualified under the EFL's owners' and directors' test.
He was initially given until April 4 to complete the sale, but the EFL twice granted an extension to the deadline, with Reading agreeing terms with Redwood Holdings Limited over the sale on May 3.
"Over recent weeks the league has worked closely with all parties to facilitate a timely transfer of ownership in order to end the uncertainty surrounding the club's future for its staff, supporters and wider community," the EFL said.
"We look forward to working closely with the new ownership group and wish the club and its supporters a successful future following a difficult period for all associated with the club."
Yongge, who took over Reading in 2017, has been blamed by fans for the club's problems after they had six points deducted last season for financial mismanagement. They also withdrew from the Women's Championship due to financial issues.
Reading finished seventh in League One, one place behind Leyton Orient who took the final playoff place.
(Reporting by Aadi Nair in Bengaluru)
