Reading owner Anton Zingarevich has denied claims that Brian McDermott was set for the sack, with Dick Advocaat being brought in as his successor.
Zingarevich, a Zenit St Petersburg fan, was reportedly planning to bring in former Zenit boss Advocaat, as well as already having lined up a host of new signings not approved by McDermott.
However, the Reading chief insists he is fully behind his current manager and he is prepared to back him in the transfer market.
"The speculation hurts me because it's just not necessary," Zingarevich said in the Daily Telegraph. "It is just nonsense really. I have total faith in McDermott and he has a long-term contract so I don't see any problem.
"There will be funds available. There will be a list at some point and we will discuss it. But the manager is the manager. He will make the final decision on all transfers.
"I don't even know where that Dick Advocaat speculation came from. Of course Brian was hurt by it. But he knows from me - because we talk - that everything is fine."
The Russian was full of praise for McDermott, despite the Royals lurking just above the relegation zone.
"You can be a good coach without being the right manager - but he really is," he added. "To be a good manager, you have to be a good psychologist and I really think he is."
Zingarevich also played down the rumours that Andrey Arshavin was set to make a move from Arsenal to Reading.
"When asked about Arshavin, I said he's a good player," he said. "I never actually said that we are interested in signing him. It was in the Russian news. Basically, it was mistranslated."