Former Reading chairman Roger Smee has said his bid to buy the club has been rejected.
In a statement he said he was disappointed at the way news of his attempts to buy the League One club had been leaked to the media.
Smee became chairman of Reading in July 1983 and during that time helped the club reach Wembley for the first time and gain promotion from the fourth and third divisions.
At the end of November, Reading said a process was underway to attempt to sell the club to a party to which they had granted a period of exclusivity.
That unnamed group is a separate party at Smee and is still in negotiations with the club.
“After many months of diligently preparing a structured and coherent bid in collaboration with many of the city’s key local stakeholders, I am disappointed that news of my bid has been leaked to the media.” Smee said.
“I respect the owner and the sales process and wanted my interest to remain private.
“In response to these media allegations, I reluctantly feel I must 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 reveal the details of the offer, again in relation to the owners, the ongoing process and their dedicated fans.
“I confirm that the motivation for my interest is solely the future of Reading Football Club, ensuring that the club continues to play at the highest level and play an integral role in the city’s sporting and cultural community.
“Disappointingly, after more than a year with a fully functioning team with no public leakage of our efforts, these efforts have appeared in the press.
“This is not what I wanted and it doesn’t help anyone. I am equally sad to tell you that my offer has been rejected.”
An attempt by former Wycombe owner Rob Couhig to buy the Royals from Dai Yongge also failed in September.
The BBC approached Reading for comment on Smee’s offer, but the club declined.
