Notts County have moved to clarify confusion over investment into the club after reports that a collapsed takeover could spell financial disaster.
A group, led by local businessman Sukhi Ghuman, claimed an offer submitted on Wednesday had been turned down.
But Notts denied they have received or rejected a written multi-million pound bid for the club from a consortium.
And the League Two side say the "takeover" has nothing to do with the investment announced last week.
That deal is still in the process of due diligence and the club are confident it will go ahead as planned.
The League Two club need new investment to pay off their debts having last week been served with a winding-up petition from HM Revenue & Customs over an unpaid six-figure tax bill.
We have not received any written offer detailing a multi-million pound investment into this club
Chairman Peter Trembling
Notts now have 19 more days to pay the tax bill.
Nottinghamshire businessman Ghuman, who runs Octavian Continental, one of the club's sponsors, told BBC Radio Nottingham on Wednesday that a takeover offer had been rejected.
"The deal was resurrected again on Friday, and we spent Friday, Saturday, Sunday, Monday, Tuesday and this morning working on it," Ghurman said.
"This morning our offer was rejected by the club chairman."
The group claims it was aiming to secure the club's immediate future and keep director of football Sven-Goran Eriksson on board.
However Notts chairman Peter Trembling said: "We have not received any written offer detailing a multi-million pound investment into this club.
"I refute any allegation that we would turn down a multi-million pound deal."
Trembling, who completed a management buy-out from former owners Munto Finance last month, admitted in a statement that he had held talks with a consortium but did not agree with the proposals.
"Whilst I appreciate that the consortium mentioned in the media today does have access to funds, at no time did we receive a written commitment, proposal or offer to inject an amount of money into this club," Trembling said.
"We received a proposed contract offer from this consortium and discussed in detail with two sets of lawyers.
"The advice from both was not to sign the contract as in their considered opinion, it was not in the best interests of the football club, and more to the point, there was no mention of any specific investment into the club.
"We are working tirelessly to seek investment into this club and will not reject a deal such as the one mooted so long as it is committed to in writing."
This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.