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By ESPN Staff

Madejski makes pledge to Reading supporters

Reading chairman John Madejski assured Royals fans he has no plans to 'cut and run' despite reiterating his desire to sell the club to a wealthy investor.

Madejski revealed on Thursday he could not keep up with the 'horrible' and 'obscene' greed he has encountered since Reading won promotion to the Barclays Premiership.

After 16 years in charge Madejski feels his job is done - but he will only sell if convinced it is in the best interests of the club.

'Having been chairman for the past 16 years and having helped guide the club into the Premiership I feel in many ways that my task is completed. This doesn't mean I will abandon the club immediately,' clarified Madejski.

'I would like to emphasise this is not a fire sale. I will not cut and run and I will only consider offers that would benefit the long-term interests of the club.

'The message I am putting out is simply that if there is a substantially wealthy corporation or private individual who is seriously thinking of investing in a Premiership football club, I would willingly speak to them.'

Reading's debt currently sits at £10million and Madejski is determined the club do not sink 'into oblivion' by trying to match the Premiership's biggest spenders.

Their purchases this off-season have been modest. South Korea forward Seol Ki-Hyeon was a club record purchase from Wolves but a third of his £1.5million fee is dependent on appearances.

Defender Sam Sodje completed his move from Brentford today for a fee that can rise from £350,000 to a maximum of £500,000.

'We have built this club brick on brick and the future looks incredibly bright,' said Madejski in a statement on the club's website.

'We have the capacity to increase the size of the stadium to approaching 40,000 seats, a location that is the envy of many clubs.

'And we don't anticipate making any changes to the management philosophy that has served us so well.

'Reading Football Club is extremely stable and we are very much looking forward to the new season in the Premiership.'