Royals chairman Sir John Madejski confirmed this afternoon the club had entered into a 'partnership' with the consortium led by 76-year-old Khunying Sasima Srivikorn who has a background in the hotel business.

Thai billionaire and Police United FC part-owner Samrit Bunditkitsada is also behind the deal which will see the Madejski hand over 90% of the club for around £26 million.

It is believed the buyout also includes the Madejski Stadium hotel and will see the new owners back manager Nigel Adkins with a substantial transfer kitty to bolster his stretched squad.

Madejski said: "I am delighted with these developments and would like to officially welcome Khunying Sasima to Reading Football Club.

"The club were not intending to make any comment until all the formalities have been completed, but for the sake of clarity we believe it is in everyone's interest to release this statement now.

"Upon the completion of all the necessary procedures we will of course update everyone further, and in the meantime I am sure you share my excitement at the possibilities ahead."

Khunying Sasima added: "I am absolutely delighted to be entering into this partnership with Sir John, and working with a club with such a strong reputation.

"I and my fellow investors look forward to supporting Sir John and working toward a successful future together.

"We still have some formalities to complete and plenty of work ahead of us – but we are excited about what lies ahead."

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