Blackpool chairman Karl Oyston says Liverpool's offer for Charlie Adam fell well short of their valuation.
Oyston insists there was no chance of doing business on Liverpool's terms.
"The offer that they made wasn't anywhere near acceptable to us," he told talkSPORT.
"What we've got to consider isn't so much valuation, obviously that's a consideration, but its what's at stake for us and the fact that we really don't want to lose momentum or part of our spirit or affect things badly.
"Looking back on other Premier League newcomers if they lose the manager or lose some key players that's when things really tend to start to fall apart.
"The offer was nowhere near what we could even begin to consider and more importantly we'd gone past the stage - and I did flag this up to them a fair while ago - that if they were seriously interested then they'd better put their best offer on the table."
