The proposed takeover of Reading FC by Rob Couhig has collapsed, leaving the club's future uncertain amid ongoing financial mismanagement under current owner Dai Yongge. Despite having met the English Football League's Owners and Directors Test, Couhig was unable to finalize the deal after lengthy negotiations, resulting in concerns for the club that has already faced multiple points deductions in recent years. Funding provided by Couhig, totaling at least £5 million, has been repaid, and the club's short-term stability is supported by a sell-on fee from Michael Olise's transfer to Bayern Munich. Supporters have expressed disappointment and frustration over the failed takeover, which follows a series of protests against Yongge's ownership. With no clear alternatives for new ownership, Reading's long-term prospects remain precarious as the club seeks a solution by Christmas. This situation could impact the team's performance despite a decent start to the current season.