Reading chairman Sir John Madejski says he is concerned by the lack of progress in talks with potential investors, labelling the need for one "critical".
Madejski holds a 49% stake in the club and Anton Zingarevich owns the rest but
Initially, Zingarevich had planned to wholly own the Royals, but in late 2013 the
"There's absolutely nothing imminent, and obviously that is a concern, of course it is," said Madejski.
"We know the voracious cost of running a football club is absolutely immense.
"People with that sort of money are few and far between, so it's absolutely critical we find somebody, but the search goes on."
Reading are currently ninth in the Championship, but victory in their final three games will secure a play-off place.
Promotion would secure an immediate Premier League return having suffered relegation in their first season back in the top flight.
Meanwhile, the club's development side, led by academy manager Eamonn Dolan, became the inaugural winners of the Premier League Under-21 Cup on Saturday.
A 2-0 home victory over Manchester City secured a 4-3 aggregate win.
"I'm so proud because it's a fantastic accolade for the hard work that has gone into the academy, not just this season," Madejski told BBC South Today.
"It gives the area real pride to see all this wonderful talent coming through.
"A lot of money has been invested. Eamonn Dolan and his team have worked hard for many, many years - success doesn't come easy."