Blackburn Rovers owners Venky's have denied receiving a joint-ownership proposal and say they will not reduce their stake in the Championship club.
Local businessmen Ian Battersby and Ian Currie were reported to have made an investment proposal through their company, Seneca Partners.
In March, the club's latest financial results revealed debts of £104.2m.
"We, the owners of the club, have no intention of selling or diluting our stake," Venky's said in a statement.
"We are totally and absolutely committed to supporting the club and endeavour for its advancement in all aspects."
Blackburn finished 15th in the Championship, and are without a manager after former boss Paul Lambert opted to leave the club at the end of the season.