Former Reading chairman Roger Smee has formed a consortium hoping to provide the club with a route out of Dai Yongge ownership -however it would come with a cost, the Reading Chronicle understand.

The 76-year-old played for the club in the 1960s before becoming a successful businessman. He was a crucial figure in halting Robert Maxwell’s controversial Thames Valley Royals merger with Oxford United, taking charge of the club in 1983.

Running it for five years, during which time Ian Branfoot lead the club to promotion to the second tier and Simod Cup glory at Wembley Stadium, Sir John Madejski took over in 1990.

News broke via outlet CityAM stating that Mr Smee is ‘considering making a last-ditch attempt to rescue the club.’

The Reading Chronicle understands that this is the case, however his party would only be able to take the club over if it were to fall into administration due to the price tag.

Administration would make the club cheaper to acquire, however it is not thought to be an imminent threat and would come with a 12-point penalty and issues would arise over the Select Car Leasing Stadium and Bearwood due to club’s complex company structure.

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It is understood that Mr Smee has already been in contact with Supporters Trust at Reading and his interest has been long-standing.

Up for sale for over a year, American lawyer Rob Couhig came closest to securing a deal but at the time of writing Mr Yongge still owns the club.

Reading remain locked in talks with an unnamed party which the club announced in October.