Sheffield Wednesday have confirmed they are yet to receive an acceptable takeover offer for the club.
"While discussions are still ongoing there can be no certainty that a formal offer to shareholders will be made," a club statement said.
Wednesday have now appointed a financial services firm to "actively seek" much-needed new investment.
The Owls have reported debts of £27m and had been linked to two consortia who were interested in investing.
Wednesday announced they had been approached by an interested party back in February and had been involved in ongoing talks with Lancashire-based businessman Geoff Sheard.
606: DEBATE
Last week Sheard told BBC Radio Sheffield he had agreed a price with directors Geoff Hulley, Keith Addy and former chairman Dave Allen to buy their shares.
A second consortium, fronted by former Boston United chairman Jon Sotnick, have been reported to be ready to make their own bid to purchase the club's shares.
But Sheffield Wednesday say neither has yet to make a formal offer.
The statement said: "The board continues to be open to dialogue with any bona fide offeror and to working to develop any acceptable proposal such that it can be presented to the company's shareholders for their consideration.
"The board have now requested that its financial adviser actively seek a buyer that shares the Board's vision for the long term success of the club."
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