Wolverhampton Wanderers have rejected a takeover proposal from Graeme Souness.
The Championship club have announced the £20million offer is 'significantly below proposals already put forward by other parties'.
Former Newcastle manager Souness revealed his intention to buy the Black Country club earlier this month after putting together a consortium.
Contrasting statements from Souness and Wolves chief executive Jez Moxey followed, before the Scot firmed up his initial interest with a written offer.
Though that offer was rejected, Wolves' claim that other parties have made sizeable bids suggests Sir Jack Hayward's ownership of the club could soon be at an end.