John Madejski: Reading sale "progressing well"

Reading majority stake holder Sir John Madejski has said that a deal for the selling of his shares is "progressing well".

The Royals benefactor is in advanced negotiations with Russian businessman Anton Zingarevich over a deal, which he had hoped would be complete by the end of the month.

While that deadline may not be reached, Madejski is pleased with how the talks are going and anticipates them to be completed soon.

"The process is progressing very well and all due diligence is almost completed, which means the majority of the paperwork is finalised," Madejski told the Reading Post.

"With a transaction of this importance there's always an incredible amount to do.

"March 31 was always a guideline and everything will be done in due course. It's progressing very well."

Madejski has announced his intention to stay on as Reading chairman until at least 2014.