Manchester City have confirmed they are still in talks with potential buyers but dismissed suggestions they have received an offer for the club.
Ex-City full-back Ray Ranson was said to have made a £90m offer on Monday.
But City released a statement to the Stock Exchange to say that talks were still ongoing.
"The board of Manchester City confirms it remains in preliminary discussions with third parties that may or may not lead to an offer being made."
City chairman John Wardle earlier this month admitted the club were in talks with potential investors and is thought to be keen to sell.
City manager Stuart Pearce last week indicated a deal was getting closer for the club.
But his statement triggered a movement of shares that did not go down well with the Stock Market, forming the basis for City's statement this morning.
As they are currently in an Offer Period, a City spokesman will now be required to read out a short statement to the media prior to every press conference, ensuring there is no repeat.
On Monday reports claimed former Thailand prime minister Thaksin Shinawatra, who failed in a bid for Liverpool in 2004, was interested in buying City with partners from China and the Middle East.
And the club has also been linked with a buy-out from American investors.
Ranson's reported bid on Monday evening was said to cover the club's shares, loans of about £24m to major shareholders Wardle and David Makin - who own 29% share of the club - and debts to other creditors.
He is thought to have the backing of other businessmen and prepared to provide a transfer kitty of around £20m for new players.
Ranson, who also played for Birmingham, Newcastle and Reading, made over 200 appearances for City, where he started his career.
The 46-year-old multi-millionaire made his fortune from insurance and from football finance and has also invested in football analysis company Prozone.
He made two bids for Villa before the Midlands club were bought by American billionaire Randy Lerner.
If City were to change hands they would become the fifth Premiership club to be sold in the last year.
Portsmouth, Villa, West Ham and Liverpool have all been taken over by foreign investors since last summer.