Sheffield Wednesday's board of directors have say they have received no offers to buy the club.

In February the club was approached by a consortium headed by Geoff Sheard, a Lancashire-based businessman, however, a a second consortium, fronted by former Boston chairman Jon Sotnick, have been reported to be ready to make their own bid in recent weeks.

But the board, desperate to rid the club of estimated debts of £27 million, have insisted no formal offer yet been agreed.

A club statement read: "The board of Sheffield Wednesday announced on February 29, 2008, that it had received an indicative non-binding expression of interest, which may or may not lead to an offer being made for some or all of the shares in the company. "The board notes recent press comment relating to the imminence of an offer for Sheffield Wednesday and to certain shareholders in the company having agreed to sell their shares to Mr Geoff Sheard, one of the parties referred to in the recent press as a potential offer or for the company.

"The board wishes to confirm that it has not at this time received any offer proposal from any party that is sufficiently clear or developed with regard to, inter alia, terms, source of finance, timetable or the process by which any offer for the company is to be implemented.

"The board continues to be open to dialogue with any bone fide offer or and to working to develop any acceptable proposal such that it can be presented to the company's shareholders for their consideration. However, the board does not currently have the required evidence to suggest that the posting of any offer document to shareholders is imminent.

"The board also wishes to confirm that none of the company's directors including Mr Geoff Hulley, has entered into any arrangement with any party regarding the sale of their own respective shareholdings in Sheffield Wednesday.

"Further, the board has received written confirmations from Mr David Allen, former chairman of the company and Mr Keith Addy, a former director of the company that they too have not entered into any such arrangements at this time. The board will keep shareholders informed of any further material developments."

Dave Allen, the former Wednesday chairman, left the club in November and long-serving director Keith Addy followed in January, leaving only one shareholding director, Geoff Hulley, currently on the board. Supporters' groups Wednesdayite and the Shareholders Association own 10 per cent and 12 per cent of the club's shares respectively.

Wednesday have struggled financially since being relegated from the Barclays Premier League in 2000. Brian Laws' side lie fifth from bottom in the Coca-Cola Championship but will secure their Championship status if they beat Norwich City at Hillsborough on Sunday, avoiding the slide into the third tier of English football for a second time in five years.