Reading have quelled rumours of a William Storey takeover by confirming that 'no agreement is in place' with any party.

The energy drink founder had been reported in the Telegraph as having agreed terms on a £50m deal to buy the club from Dai Yongge.

This was met with uproar from the football community after a series of controversies, supporters not convinced Mr Storey is the right man to take over.

In an attempt to put the record state, the club released a statement.

"Reading Football Club would like to clarify that the process of the sale of the club is ongoing and, contrary to reports, there is currently no agreement in place with any party," it read. 

"Several parties have approached the club in recent weeks with declarations of interest in purchasing the club. All approaches are being assessed on their own merits to find the most suitable buyer to ensure a healthy future of the club and, at this stage, no single individual or entity has exclusivity in this process.

"We thank our supporters for their continued support, patience and understanding. As ever we will endeavour to keep our fans as informed as possible, and further updates will be provided as and when it is appropriate to do so."