According to press reports, the deal will lead to a 51% majority stake being sold to TSI with an option for the remaining 49%. Although there was no confirmation from the club, several press reports stated that TSI is an investment fund formed by Russian tycoon Anton Zingarevich, whose family made its fortune in the Russian forestry industry.

Speaking after Reading’s Championship home game against Hull City on Saturday, Madejski said: "At the moment we're doing due dilligence and Heads of Agreement have been signed. It's not a deal until it's done, and it won't be a deal until the end of March. Hopefully everything will be fine - but that is the bottom line."

According to a statement sent to fans by TSI, Madejski, who had made no secret of his desire to seek new investment in Reading FC, is expected to remain chairman of of the football club until at least 2014.

Earlier this month, Madejski-owned Goodhead Group proposed a 10-20% pay cut for employees to ensure the print group becomes a "self-supporting business". However, at the time Goodhead Group chief executive David Holland stressed that Madejski would continue to support the £68.5m turnover group.