Bit of a surprise. Surely he can't be expecting much better? Not that it'd be impossible for him to get a better Prem job, it just might not be likely.
He might have found out anything in his conversations: a chairman he couldn't warm to, a lack of vision, unrealistic hopes, lack of funds, anything. So he might well expect better than what he saw at Reading. I suspect he'll end up at a Championship club with vision.
Vin