READING FC chairman Sir John Madejski has confirmed that majority shareholder Anton Zingarevich has left the club's board of directors.
The Russian businessman bought 51 per cent of the club in 2012 and had been due to complete a full takeover last October.
However, he pulled out of the deal and the club have been on the lookout for new investment ever since, with Madejski taking back the day-to-day running of the club in February.
Talks with potential new owners are ongoing and Madejski today revealled that Zingerevich no longer has a seat on the board. Christopher Samuelson and Andrew Obolensky from the Russian's Thames Sports Investment company have also left the board.
Madejski said: "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."
Israeli entrepreneur Teddy Sagi and Indian businessman Mohit Burman are reported to be in the running to own the Championship club, while American investors, including billionaire Joshua Harris, have also shown an interest.
Madejski has admitted that the club needs new investment, while striker Adam Le Fondre was sold to league rivals Cardiff City last week, reportedly to help pay an outstanding tax bill.
Despite this, Madejski says that the club remains in a secure position financially.
"I would like to take this opportunity to assure our fans that the club is secure going forward.
"I would also like to thank our supporters for their trust and patience during this period and their loyalty in renewing their season tickets for the 2014-15 season.
"During my 24-year tenure as Chairman, I have always tried to be as open as possible with our fans - the lifeblood of this club - and as always we will continue to keep our supporters fully informed at every turn."