Sheffield Wednesday chairman Milan Mandaric has denied having any interest in becoming involved with Scottish champions Rangers.
Mandaric moved quickly to dismiss reports circulating in Scotland that he might be interested in Rangers, who entered administration earlier this week.
In a statement released on Wednesday's official website, Mandaric, 73, stressed he had "no interest, now or in the future" in the Scottish outfit.
The full statement read: "I am aware and shocked at the media reports today linking my name to an inquiry over the potential purchase of Glasgow Rangers Football Club..
"First and foremost, I can categorically deny that there is any substance to these stories and I am disappointed that such articles are printed without any foundation whatsoever.
"I have never had any dialogue or contact to anyone relating to Glasgow Rangers.
"Glasgow Rangers is a huge football club with a great heritage and history, but I already have that here at Sheffield Wednesday.
"For clarity, I have not instructed any of my associates to register an interest in the administration process at Glasgow Rangers and I have no interest, now or in the future, of becoming involved in the club."
Rangers were forced into administration over an unpaid tax bill of £9million, accrued since owner Craig Whyte took over in May last year, and only confirmed after the event.
Administrators revealed on Thursday that a £24million loan from Ticketus, secured by future season ticket sales, appeared to have gone into the account of a parent company.
Joint administrator David Whitehouse said: "Our understanding is the funds from Ticketus didn't come through the company's accounts so we haven't got visibility on that and that's what we are trying to get."
Asked if he was concerned, he replied: "Yes. All financing of the business will be subject to proper investigation."
Manager Ally McCoist has urged fans to keep the faith despite the club's precarious position and the unravelling of their financial affairs.
McCoist takes his team into their Clydesdale Bank Premier League game against Kilmarnock tomorrow knowing that some players may find themselves redundant next week once the administrators have reviewed staffing levels.
"We are in a position at this moment in time where the club is maybe as low as it has been - possibly ever," McCoist told Sky Sports News.
"We have to put our trust and our faith in getting the club to a better place and the future will hopefully provide that.
"There is no doubt about it, it's a low time, the club is at a low ebb. Everybody sees that, it's very, very apparent.
"So we all have to believe and have faith and hopefully we will all do that and the club will come out of this at the other end.
"Of that I have no doubt and it's the most important thing."
Meanwhile, police have responded to a request from former Rangers chairman Alastair Johnston to investigate Whyte's takeover.
A Strathclyde Police spokesman said: "We can confirm that we have been passed information regarding the ongoing situation at Rangers Football Club.
"This is currently being examined. It would be inappropriate to comment further."
Johnston earlier told the BBC: "I have today written to the Crown Office asking for an investigation into the background surrounding the acquisition of Rangers Football Club by Craig Whyte, and in particular whether there is evidence of fraud."