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Former Sheffield Wednesday chairman Dave Allen believes the proposed takeover of the club will not happen.
Allen has told BBC Radio Sheffield that he has yet to agree a deal to sell his stake in the club.
He claims he is still owed around £2m in outstanding loans and says he has has not held any meetings with Wednesday for several weeks.
Allen says he will only do a deal if he is repaid in full, so far he has been offered a third of what he is owed.
Allen resigned from the Wednesday board in December 2007. It was over a year before the club appointed Lee Strafford as his successor as chairman in January 2009.
Since taking charge at Hillsborough, Strafford says four parties are interested in investing in the Owls.
The 36-year-old has also confirmed that there will be a share issue to provide an investment opportunity into the club.
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