Madejski was poised to hand over the reins after 23 years at the helm.

The only doubt over the sale of the club appeared to be who would step in following talks with investors from America, Oman and China.

They were looking to acquire 100% ownership of the Royals made up of Madejski’s 49% share plus Anton Zingarevich’s 51% share for a fee of around £40 million.

But discussions are believed to have hit a brick wall, leaving Madejski to pick up the pieces.

Madejski, 72, told the Chronicle: “Nothing has really been happening. The Zingarevich family are still being very supportive and that’s where we are.

“Saying that, nobody is about to buy the club, nothing is imminent at the moment.

“If anybody out there with deep pockets is interested they know where I am.

“Even if the club is sold it’s a long process we have to go through. As we stand, there is nobody in the frame.

“I just want everybody to get on with their lives and enjoy Reading Football Club for what it is.”

The news will be a bitter blow to Royals fans who are concerned the club could fall into the wrong hands after more than two decades of stability and success under Madejski.

Madejski himself has also been forced to shelve his original plan to step down as chairman next year and become the club’s president to allow Zingarevich to steer the ship alone.

But Russian businessman Zingarevich reneged on his promise to buy Madejski’s remaining share in the club having paid around £20 million for his 51% stake in 2012.

As a result, Madejski remains the chief decision-maker behind the scenes along with director of football, Nick Hammond, and chief executive, Nigel Howe.

They are in charge of all football-related matters off the pitch including transfers and it was Madejski who made the decision to reject Cardiff City’s £2.5 million offer for striker Adam Le Fondre on transfer deadline day last week.

Madejski’s clear message this week was one of solidarity during the turbulent period.

“There’s been quite a lot of interest but nothing concrete,” explained Madejski. “We have plenty of irons in the fire but there is no deal on the table.

“The one thing I would say is that football attracts so many different people from so many walks of life. There will always be speculation where football is concerned but, at the moment, we have nothing to announce.

“Some are attracted to football clubs and make promises that don’t work out. The testing process is quite arduous and they get quickly found out.

“The fact is I am in no rush at the moment. The most important thing is that it’s got to be right for Reading Football Club.

“We’ve got a great club, a great manager and a great set of supporters.

“Everyone is pulling together and we’ve all been enjoying recent results.

“We’re right amongst the play-offs and looking to push on again over the next few months. If anything changes, we will come out and say it and let people know.

“Until then it’s business as usual.”