Former Reading chairman Roger Smee has said that his attempt to buy the club has been rejected.
In a statement he said he was disappointed at how news of his efforts to buy the League One club had been leaked to the media.
Smee became chairman of Reading in July of 1983 and during that time helped the club to reach Wembley for the first time, as well as achieving promotions from the fourth and third division.
At the end of November Reading shared that a process remaining ongoing to try and sell the club to a party that they have granted a period of exclusivity to.
That unnamed group is a separate party to Smee and still remain in negotiations with the club.
“After many months of diligently preparing a structured and connected bid in alliance with many of the town’s key local stakeholders, I’m disappointed that news of my bid has been leaked to the media.” Smee said.
“I am respectful of the owner and the sale process and wanted my interest to remain private.
“In response to these claims in the media I reluctantly feel I have to comment, I confirm that my team submitted a carefully considered bid last week. I believe it was firmly competitive with previous proposals that had been entertained and publicly granted exclusivity.
“At this stage I am not prepare to divulge the details of the bid, once again in respect to the owners, the ongoing process and their dedicated fans.
“I confirm the motivation for my interest is solely the future for Reading Football Club, ensuring it continues to play at the highest level and playing an integral role in the town’s sporting and cultural community.
“Disappointingly, after more than a year with a full working team with no public leakage of our efforts, these efforts have appeared in the press.
“This is not what I wanted and it helps no one, I am equally sad to tell you my bid has been rejected.”
An attempt by former Wycombe owner Rob Couhig to buy the Royals from Dai Yongge also fell through in September.
The BBC approached Reading for a comment on Smee’s bid, but the club declined.