Manchester City owner Thaksin Shinawatra has offered to resign from the Citizens board to try and save the club from further embarrassment.
The former prime minister of Thailand has flown back to England to avoid court proceedings in his homeland, with talk of City having financial problems further muddying the waters.
However, executive chairman Garry Cook said: "Dr Thaksin is embarrassed about the indignity brought on all the entities, the club and the Premier League, he never intended this.
"Dr Thaksin has been really open about this. He has said to me 'if you need me to resign from the football club as a director, because it would serve the needs of the Premier League, then I'm fine with that as long as that doesn't change any other thing'.
"I think there is a very loose term about what is a 'fit and proper' person. It is almost a tongue-in-cheek term that you would use for Premier League football over the last ten years. There are plenty of unfit and improper individuals.
"Dr Thaksin is in a political situation and a case that affects his assets, so that's well documented. So that's a hurdle.
"The truth of it is this club is not going to go out of business. This club is not bankrupt. We are moving forward."