Reading Football Club have eased fears of immediate financial danger by confirming that 'provisions are in place to fund the Club until a transaction is completed.'

Supporters, players and staff were dropped back into panic mode this morning as news emerged that Rob Couhig's protracted takeover attempted failed at the final hurdle.

This was a real kick for all involved, with the understanding being that the Dai Yongge reign of terror was set to come to a close after seven years of decline.

Immediate thoughts turned to the funding, as last year multiple sets of salaries and tax payments were missed and staff redundancies were made ahead of Christmas.

In addition, players were sold in January to raise funds,  sparking a mass pitch invasion and game abandonment against Port Vale.

However, these fears have been somewhat alleviated by the club this afternoon.

"Whilst an agreement was not found on this occasion, Mr Dai remains committed to the sale of Reading Football Club and provisions are in place to fund the Club until a transaction is completed," a club statement said.

Couhig is yet to comment on the deal and has not been back in the United Kingdom for over a week.