(Reuters) - Former Wycombe Wanderers owner Rob Couhig has reached an agreement to buy Reading, the English League One (third-tier) club said on Saturday.

Chinese businessman Dai Yongge was ordered to sell the club in March having been being disqualified under the EFL's owners' and directors' test. Reading announced last month they had agreed terms over the sale.

"Reading Football Club is pleased to announce the sale in principle of the club to Redwood Holdings Limited...," the club said in a statement.