Reading have confirmed that exclusivity has run up with an unnamed party, but the hierarchy remains 'in dialogue' over a takeover.

The Royals, who went up for sale in October after seven years of malaise under Dai Yongge, announced they had entered exclusive negotiations with an unnamed party in March.

A takeover deal was hoped to have been completed within two months, but supporters were growing increasingly frustrated with a lack of communication from the club.

In an update issued this afternoon, the club have confirmed that no such deal was agreed within the exclusivity period and the hierarchy are now in discussions with parties.

"On 26th March the Club announced it had entered into a letter of intent with a potential purchaser," the statement said. "This exclusivity period has now expired but dialogue remains open with this group, as well as new bidders, with the aim of completing a sale at the earliest opportunity.

"Mr Dai remains committed to the complete sale of Reading Football Club and its associated assets. The Club appreciates the patience from our staff and supporters through this protracted process, and aim to communicate substantive developments when appropriate."