Reading chairman Sir John Madejski has confirmed that the club is looking for new ownership.

Madejski has been searching for a new buyer since owner Anton Zingarevich decided to sell his 51% share in the club for £1.

Reports have suggested that a new owner would have to take the club's debts of £38m.

"As Chairman, I would like to confirm that we have the necessary funding in place to safely take the club forward," Madejski said in a statement.

"Together, we continue to look for new ownership of the Club and, as the wealth of speculation can attest, there has been plenty of interest but no firm offers.

"However, it is imperative that there is no rush to judgement and that we take the necessary time in choosing the right person for the future of Reading Football Club."

Reading have also confirmed that Zingarevich, Christopher Samuelson and Andrew Obolensky have left the board.