Reading fell at the final hurdle in their gallant bid to reach the League One play-offs as they lost 4-2 at home to Barnsley.
The Royals had needed to better Leyton Orient’s result on the last day of the season to creep into the top six.
But the defeat – and Orient’s 4-1 win at Huddersfield – meant it was the Londoners who finished sixth and took the final play-off slot.
A scrappy first half at the SCL Stadium finished goalless, but the visitors took a stranglehold on the game with goals from Stephen Humphrys and Jon Russell in a five-minute spell soon after the interval.
Lewis Wing reduced the deficit after 67 minutes, but Barnsley’s Davis Keillor-Dunn struck in the 79th and 85th minutes – taking his goal tally to 19 this season – to compound the home misery.
Billy Bodin’s late goal proved a mere Royals consolation.
Reading have faced numerous off-the-field financial problems throughout the campaign under the troubled ownership of Dai Yongge, but they now appear to be over.
The Berkshire club announced early on Saturday the takeover by American businessman Rob Couhig, the former Wycombe owner, would be completed next week “subject to final legal technicalities”.
With Couhig watching from the directors’ box, Reading made a positive start through two early efforts from Wing.
Barnsley goalkeeper Joe Gauci made a fine save from Wing’s low drive, then could only look on as the midfielder’s 20-yard free-kick drifted narrowly wide.
The Tykes broke quickly when allowed, with home keeper Joel Pereira having to make a smart stop to deny Barry Cotter.
The Royals’ attacking threat became increasingly ragged and, with Orient leading 2-1 at Huddersfield at half-time, their play-off chances began to look remote.
Those chances seemed non-existent when Barnsley struck twice, Humphrys guiding home from a tight angle in the 52nd minute and Russell doing similar in the 57th minute from a low Cotter cross.
Wing gave Reading hope, tucking home neatly after poor Tykes defensive work, but Keillor-Dunn pounced twice from close range to effectively settle the issue.
Despite substitute Bodin’s added-time effort, Reading’s brave campaign ended on an unhappy note.
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