FORMER Reading player and owner Roger Smee is reportedly prepared to save the crisis-hit club with the help of a newly-formed consortium.

Smee, 76, spent four years lining up for Reading in the 1960s and 70s before turning to a career in business.

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He became chairman of the Royals in 1983 and spent seven years at the helm before making way for John Madejski.

However, the ex-forward is now willing to try and save the club from going bust.

According to the , Smee has formed a consortium with the hope of completing a takeover.

It is understood the 76-year-old has already been in contact with the Reading Supporters Trust amid his longstanding interest.

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However, his consortium would only be willing to take over if Reading fall into administration.

The current price tag is deemed too high by Smee and his team.

Administration would make the club cheaper, but it would come with a 12-point deduction.

Issues would also arise over the Select Car Leasing Stadium and Bearwood Park due to club’s complex company structure.

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It is not thought to be an immediate threat.

Reading owner Dai Yongge put the club up for sale over a year ago due to ongoing financial problems.

American lawyer Rob Couhig came close to securing a deal in September but withdrew after talks collapsed.

As previously announced by the club, an unnamed party is locked in talks.