Former Sheffield Wednesday chairman Lee Strafford has claimed a £1.5million shortfall in the club's accounts was a key factor in their relegation.
Strafford, who quit the Owls in May, also believes the deficit frightened off potential investors ready to inject £20million into the club and has made public the minutes of a boardroom meeting in March "because the club needs saving".
He told the Sheffield Star: "We were talking to a group of four investors who were looking to do a deal where they all put in £5million each. They were Tim Crown of Insight, the Hero Fund backed by the Emirates Bank, Spice Group, backers of the A1 Grand Prix series and venture capitalists Clearbrook Capital."
But in a statement the club countered: "The story.is largely based on minutes presented by Mr Lee Strafford. The version of the minutes referred to in the newspaper article have yet to be agreed by all the members of the Sheffield Wednesday board. As such any documentation given to The Star cannot be viewed as a true and accurate record of what took place.
"Sheffield Wednesday PLC will not be making any public comment on this or any board meeting in the future. This is in keeping with normal business practice, and the board believe that to do so in this instance would undermine the club's operations moving forward.
"As a PLC, Sheffield Wednesday discloses its financial position to all shareholders in line with normal public company practice."