Tranmere Rovers owner Peter Johnson said he was "appalled" to discover the club listed for sale on the online auction site eBay.
The listing, now removed, purported to be from Dornoch Capital, the US firm tasked with finding a buyer for the club, and had a starting bid of $10m.
"We were appalled," Johnson told BBC Radio Merseyside.
"It's totally inappropriate. We immediately e-mailed them and said 'take it off right away'."
Johnson added: "You can imagine how shocked we were to wake up this morning to find out we were on eBay."
The auction listed several factors about the club to interest potential buyers, including its lack of debt and its potential for creating "revenue growth" through sponsorship, television revenues and "upgrading the fan experience".
Johnson, who also acts as club chairman, said they are looking for outside investment but not at any cost.
"We'll be considering their [Dornoch Capital's] mandate. It's not a second-hand bike we're selling," he continued.
"One has to think of supporters and the ability to run the club. Putting it on eBay is not the right way of doing it and we would certainly have not let them if they'd asked us, so we're pretty furious."
Johnson refused to countenance the suggestion that Dornoch Capital had done Rovers a favour in the process by getting the sale in the public domain.
"I don't think we want this sort of publicity and I think a lot of people knew it was for sale because the local paper mentioned it at the beginning of last season," he said.
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