West Ham owner David Sullivan has dismissed an informal approach to buy the club as "derisory" and says he has "no desire" to sell to a consortium that includes former Queens Park Rangers chief executive Philip Beard.
Beard's consortium made an informal approach in February and was prepared to submit an offer in excess of £400m.
It remains interested in the club and is now considering its next move.
However, it seems it might be wasting its time. "The offer was derisory," Sullivan told BBC Sport.
"They never produced any proof of funds and were looking to raise funds to do the deal.