Redwood Holdings Limited have completed their takeover of Reading FC.

The EFL announced it has given its final clearance of the takeover which will see Rob Couhig and Todd Trosclair join the club’s board immediately.

In February, former Reading owner Dai Yongge was disqualified under the EFL’s owners’ and directors’ test and had been ordered to divest or risk the imposition of sanctions, including Reading being suspended from Sky Bet League One.

Couhig has been announced as Reading chair, having previously owned Wycombe Wanderers and the New Orleans Zephyrs in Minor League Baseball. Meanwhile, Trosclair is the owner of USA Gulf Coast electric contractors All Star Electric and is an investor in real estate and hospitality.

A club statement from Reading said: “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.”

Meanwhile, Reading campaign group Sell Before We Dai said in a final statement: “We are incredibly relieved and happy that Reading Football Club are finally under new ownership. It’s a day which we thought, at times, may never happen.

“In the eight years of the Dai Yongge era, every single element of our club went backwards. The first team were relegated, the women’s team were essentially folded and staff were made redundant as every operational element of the club was cut back to the bare bones.

“Those who remained were forced to work with tight budgets and under immense pressure. Sometimes they weren’t even sure if they’d be paid at the end of the month.

“Today is a day for celebration and that starts by welcoming Rob Couhig. Thank you for not giving up on us, thank you for saving our 153-year-old club from oblivion.

“Reading fans are now excited to hear in an open forum from Couhig about his plans. Our gratitude is immeasurable but cannot be unconditional. We are under no illusions that steps will need to be taken to undo the damage Dai has done to this football club, but we hope Couhig runs Reading transparently, prudently, in collaboration with Reading fans and with regard for the club’s identity.”