Longstanding Queen of the South chairman David Rae has rejected an offer for his shareholding in the First Division club.
Preston-based Media Pro Sports made an approach for Rae's 26% stake in the Doonhamers.
However, the 74-year-old told the club's website that he intended to retain all of his interest.
He said: "An offer was made for my shares on Monday night and having slept on it I have made a final decision."
Rae has been in the chairman's position for nine years and told BBC Scotland: "I just feel I would rather retain my shares.
"If this same consortium came back in [with an improved offer], then it would be a no.
"But if someone from within the south west of Scotland came in and I felt comfortable with it, then I might consider it."