Supporters Trust at Reading [STAR] have issued a takeover update from former CEO Nigel Howe heading into May.

Exclusive negotiations with an unnamed party were announced on March 26 and it was expected to take two months for any deal to be completed.

This period of exclusivity ends in May, with the weeks ticking down rapidly for progress.

Due to non-disclosure agreements, little information is coming out in public regarding the identities and progress.

Howe, who is helping move the deal along on the club's side, is having regular meetings with STAR and issued a statement on Thursday.

"STAR met with Nigel Howe today for an update," it read. "The buyers have lent the club money to cover this month's wages and HMRC. They now have the remaining time left of the exclusivity period to complete the deal."

According to Companies House, a charge was taken out against shares in The Reading Football Club Limited for the loan to cover wages and HMRC from Redwood Holdings Limited.

This was done on Bearwood, the training ground, for the previous month.

The club cannot move forward without a takeover in the coming weeks, with the likes of budgets, playing staff and pre-season all waiting on news.