Reading have explained their thought process behind the recently-closed winter transfer window as star striker Sam Smith was sold to Wrexham.

Under an embargo due to financial misdemeanours and a failure to submit club accounts, the Royals were only permitted to replace any players sold.

Manager Noel Hunt was insistent that the squad was kept together, and this was almost achieved were it not for Smith's £2m departure to promotion-chasing Wrexham.

In their monthly off-field update, which informed supporters that no buyer had exclusivity at the time of writing, the club admitted that it was not their intention to sell any key players, but the bid from Phil Parkinson's Red Dragons was 'too significant.'

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"Contrary to speculation, the winter transfer window was not pre-planned as an opportunity to solve the club’s short-term funding due to the limitations in replacing any outgoings.

"In the case of Sam Smith, having previously rejected lower bids, the fee payable by Wrexham ultimately proved too significant. Whilst the club was not looking to sell, there was a requirement to balance this versus the short-term financial security such a large fee would provide."

The only other key exit was that of 20-year-old Tyler Bindon, who moved to Premier League Nottingham Forest but will remain on loan with the Royals until the summer.

"For Tyler Bindon, the expiration of his contract at the end of this season led to significant external interest," the statement said. "The Club’s priority from the outset was to keep Tyler for the remainder of this campaign given his importance to the first team squad. However, an attractive proposal from Nottingham Forest presented an opportunity for the club to benefit financially, as well as retaining Tyler’s short-term services.

"Despite several clubs making offers for other players, none were deemed proceedable as the club aimed to maintain the strength of the playing squad."

Billy Bodin arrived from Burton Albion on loan and Dean Bouzanis saw his contract 'mutually' ended in the window's only other bits of action.