Hearts have rejected offers for two first-team players, as well as rebuffing an enquiry for another.
Administrators BDO said they turned down the bids thanks to the fundraising of supporters over the past two weeks.
"We made a pledge that if fans backed us by buying season tickets, we would not sell players to raise short-term cash," said administrator Trevor Birch.
"Thanks to their backing, we have been able to keep the squad together despite attempts to sign our players."
Hearts are subject to a player registration ban from the Scottish Premier League and senior first-team players Jamie MacDonald, Jamie Hamill and Ryan Stevenson have taken wage cuts.
Striker John Sutton was made redundant after refusing a similar cut and subsequently moved to Motherwell.
"Given the small size of the squad and the registration embargo, we hope that we can continue to rebuff further offers,'' added Birch.