Derby County have branded as "bizarre and unwelcome" reports that the club has been targeted for a takeover by a wealthy Saudi Arabian family.
Sunday newspaper stories suggested the Rams were to be the subject of a £22million buyout approach, but both chairman Andy Appleby and chairman of football Adam Pearson have dismissed the report as nonsense.
The story also suggested the managerless Championship club could seek to appoint former England and now FC Twente coach Steve McClaren to the Pride Park hot-seat.
"We have not talked to this specific group - we do not know who they are - and we have no intention of selling the club," Appleby told the Derby Evening Telegraph.
"We feel we have found a diamond in the rough with Derby County and we are working 24/7 to make the club great again.
"We took on a lot of challenges and still face a lot of challenges to get the club back to where everybody wants it to be.
"It is a fantastic challenge and we want to reward the fans who we believe are the best in the UK.
"We have not had the success so far that we would like but the group of investors remain extremely positive and determined.
"Not only is this advance unwelcome but I just don't understand it.
"What is a "hostile" takeover of a private company? It is not as though they can buy up our stock."