The situation off the pitch at Reading has dominated the build-up to Saturday’s clash with Wanderers.
The Royals confirmed in a statement on Wednesday they had been “unable to find an agreement” with a potential buyer and will now “pursue alternative options”.
Rob Couhig had reportedly been close to becoming Reading’s new owner but the club’s long-term future has now been plunged back into doubt.
The statement read: “Over recent weeks and months, Mr Dai (Yongge) and his representatives have been in exclusive dialogue with a potential purchaser.
“Despite lengthy and complex negotiations, the parties have been unable to find an agreement. This exclusivity period has now expired, and the club will pursue alternative options.
“The club acknowledges and appreciates the financial support provided by the potential purchaser during recent months.
“All loans have now been paid back to the potential purchaser in full along with the accrued interest.
“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.
“The club would like to thank all stakeholders, especially its staff and supporters, for their continued patience and will communicate further updates once appropriate.”
On the pitch, Ruben Selles’ side have taken seven points from their opening five matches in the league.
Reading were beaten 1-0 by Leyton Orient last weekend, with Charlie Kelman getting the decisive goal at the Select Car Leasing Stadium.
"I am disappointed with the performance we put in,” said Selles. “We played a game plan that the opponents tried to implement, but we never got the high tempo we like to play and got caught in some situations we should not have.
“In the end, the game was down to the key moments that went for them, and we didn’t. I think we started well, trying to put the tempo in the game, and had a couple of chances.
“One long throw-in changes the dynamic of the game and we never recovered in the first half.
“In the second half, we tried and had a couple of good situations to score but overall, we were not at our best.”
Wanderers ran out 5-2 winners when the sides met at the Toughsheet Community Stadium last season. Aaron Collins scored a hat trick, with Jon Dadi Bodvarsson also netting a brace.
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