Huddersfield Town chairman Ken Davy has clarified the offer he made to former Hull owner Adam Pearson which would see them own the Terriers as a partnership.
Adam Pearson has expressed his interest in buying Huddersfield
Pearson sold his interest in Hull in the summer, and recently revealed an interest in buying Huddersfield.
"As chairman, he would be in charge of HTFC with a holding of at least 40% of shares," Davy told Town's website.
"The £1.7m of new money would all go directly to fund squad strengthening, which I understand is what he wanted."
Davy added: "I would continue to give him my support and put £60,000 into HTFC for every £40,000 put in by Adam.
"It is not unusual for a chairman to own less than 50% of a company's shares.
"I believe this offer represents a positive reponse to Adam's approach. I'm happy to leave it open for the next seven days - after that I would consider the matter closed."
However, after Davy's initial offer, Pearson had been quoted as saying that the deal was "in no way workable" unless he took a majority shareholding.
"The amount of money that I've put into the offer must result in control of the football club, otherwise there would be no point in making the investment," he told the Huddersfield Examiner.
"Investment of the size required cannot be made without a resultant controlling interest, of which I'm sure Ken is aware."