American-based businessman Daniel Williams has confirmed that he has held talks with Blackburn Rovers about taking over the club.
But Williams, originally from Lytham St Annes, is keen to stress that reports of an imminent takeover are incorrect.
"We are at the very, very early stages of any kind of process," Williams told the Lancashire Evening Telegraph.
"The whole thing about a deal being imminent and a price being agreed just isn't the case."
Williams is fronting a consortium interested in taking over at Ewood Park and has been involved in the proposal since March.
"A guy I know was looking at Premier League clubs that might be for sale and Blackburn came up, so that's when I became interested," added the 30-year-old.
"However, when he later pulled out, I remained interested and I've since got other people interested in coming on board."
The consortium comprises American financial institutions and there are high hopes Williams would invest heavily if a takeover was to go through.
I will be putting a significant amount of money into funding it, but it won't be the whole £50m
US-based businessman Daniel Williams
But he ruled out making sweeping changes to a club that has finished in the top half of the Premiership the last two seasons.
Williams added: "The people who are already running Blackburn seem to be doing a damn good job of it.
"The notion that we would come into the club with no other football experience other than being fans and be chairman, chief executive officer and vice chairman is nonsensical.
"If we bought the club then we wouldn't be putting (Roman) Abramovich money into it, but we would make funds available.
"The way you make a club valuable is by getting it in the top seven and Europe every year.
"The one thing I think it's important to stress is there would be no debt going on the club as part of this deal.
"I will be putting a significant amount of money into funding it, but it won't be the whole £50m.
"The institutions we have who are interested in doing this deal are very, very large investment institutions.
"You don't make an investment in a Premiership club without being willing to dig into your pockets and make money available to ensure the club does well."
Williams owns a company called Elite Graduate Jobs and another heavily involved in property development, Princeton Global Housing.
He follows the fortunes of Rovers from the United States and attended three Blackburn games last season, including the FA Cup semi-final defeat by Chelsea in April.
But he added of the talks with Blackburn that they are "very much at the conversational stage at the moment".
He insisted: "We've had a very good dialogue with chairman John Williams and his vice-chairman David Brown but a lot of what has been written is exceptionally premature.
"I certainly haven't seen anything in the way of due diligence and we haven't formally made an approach."
Rovers chairman John Williams admitted on 13 June that talks had taken place with a potential investor.
"We've made some progress with a third party but it is very difficult because of all of the formalities involved," he said.
US investors are currently clamouring for a piece of lucrative Premiership action following the respective takeovers of Manchester United, Liverpool and Aston Villa and also the interest in the likes of Arsenal and Manchester City.
Any potential deal at Ewood Park hinges on whether the trustees of the late Jack Walker, the former owner and chairman, approve the sale.