Former Reading chairman Roger Smee said his attempt to buy the club was rejected.
In a statement, he said he was disappointed that news of his bid for the League One club had been leaked to the media.
Smee became chairman of Reading in July 1983 and during his tenure the club reached Wembley for the first time and achieved promotion from what was then the Fourth and Third Divisions.
In late November, Reading shared that a process was still ongoing to try to sell the club to a party that had been granted a period of exclusivity.
That anonymous group is a separate part of Smee and remains in negotiations with the club.
“After many months of diligently preparing a structured and connected bid in partnership with many of the city’s key local stakeholders, I am disappointed that news of my bid has been leaked to the media,” Smee said.
“I am respectful of the owner and the sales process and wanted my interest to remain private.
“In response to these claims in the media, I reluctantly feel that I have to comment. I confirm that my team submitted a carefully considered offer last week. I believe it was firmly competitive with previous proposals that had been considered and to which publicly granted exclusivity.
“At this time I am not prepared to disclose the details of the offer, once again with respect to the owners, the ongoing process and their dedicated fans.
“I confirm that the motivation for my interest is solely the future of Reading Football Club, ensuring that it continues to play at the highest level and play an integral role in the city’s sporting and cultural community.
“It is disappointing that after more than a year with a full team and our efforts not being publicly leaked, these efforts have appeared in the press.
“This is not what I wanted and it doesn’t help anyone. I am equally sad to tell you that my offer has been rejected.”
An attempt by former Wycombe Wanderers owner Rob Couhig to buy the Royals from Dai Yongge also failed in September.
The BBC approached Reading for a comment on Smee’s offer, but the club declined.
