Couhig Said to Near £30 million Deal for Reading Football Club

American financier Rob Couhig is nearing a deal to buy English football club Reading FC from Chinese businessman Dai Yongge, according to people familiar with the matter.

Couhig is leading a consortium that’s in advanced talks to acquire Reading, which competes in the third tier of English football, for about £30 million ($38 million), according to the people, who asked not to be identified discussing confidential information.

Under terms being discussed, the investor group will pay off Reading’s existing debt with third-party creditors, the people said. An agreement could be reached within days, they added.

Rob Couhig, center.

Photographer: Marc Atkins/Getty Images

Couhig had aimed ...