Reading owner Dai Yongge has rejected a bid from former player and chairman Roger Smee, he has confirmed.

News broke in November that Mr Smee, who played for the club in the 1960s and saved the club from merging with Oxford United, the infamous Thames Valley Royals idea, in 1983.

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Owning the club until being bought out by Sir John Madejski in 1990, Mr Smee was interested in returning to the club to save it again, this time from Dai Yongge.

However, according to the I Paper, BBC Radio Berkshire and Mr Smee himself, this has since been rejected.

The article states: "Mr Smee made a sizeable and serious bid for Reading last Friday but he has confirmed it was rejected by Yongge."

In a statement seen by the Reading Chronicle, Mr Smee says: "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.

"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 prepared to divulge the details of our bid, again in respect of the owners, their ongoing process, the club and its dedicated fans.

"I confirm the motivation for my interest is solely the future for Reading Football Club, ensuring it continues to play at its highest level, playing an integral role in the town’s sporting and cultural community.

"Disappointingly, after more than a year of a full working team, with no public leakage of our efforts, my efforts have appeared in the press. This is not what I wanted and helps no one. I am equally sad to tell you my bid has been rejected."

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This comes less than a week after the club released a statement confirming that they are still in negotiations with an unnamed party, although whether this group remain in 'exclusive' negotiations remains unconfirmed.