Championship side Wolves have turned down a takeover bid from a consortium headed by Graeme Souness.
Wolves chief executive Jez Moxey said that discussions had taken place with a number of potential investors.
But he said that the offer from the Souness consortium was "significantly below proposals already put forward by other parties".
Moxey added that Wolves have appointed investment bank Rothschild to advise the club on any prospective offers.
"Owner Sir Jack Hayward will not profit from any takeover himself"
Rothschild advised on the takovers at Manchester United and Aston Villa and have worked with Arsenal, Liverpool and the Premier League.
Wolves owner Sir Jack Hayward has made it clear that he will sell hs controlling interest in the club in exchange for a substantial cash investment.
Moxey added: "It is Sir Jack's and the board's over-riding desire to attract an investment that provides Wolves with the best chance of establishing and maintaining itself as a top Premiership club."
Souness, who has been out of football since he was sacked by Newcastle in February 2006, was believed to have made a verbal £20m offer last week.
After tabling the formal written offer Souness said revealed that his consortium comprised UK-born individuals.
"Myself and my partners - all of whom are UK-born and based - made a written offer which is being considered," said the former Liverpool and Rangers favourite.
"Both parties have agreed to keep these negotiations confidential."
And he added that his plan for Wolves was "exciting" and one "which supporters would find appealing".
Souness attended Wolves' game against Barnsley at Molineux on New Year's Day as a guest of the club after meeting Moxey on a flight back from Florida.
Meanwhile, Hayward has pledged to make additional funding available for manager Mick McCarthy to spend during the January transfer window.
Moxey said: "Sir Jack will not profit from any takeover himself - any investment would go into the club.
"In the meantime Sir Jack will continue to support the club."