Hearts have rejected a takeover offer from Italian businessman and former controversial Livingstone owner, Angelo Massone.
Hearts are facing a winding-up order over £450,000 of unpaid PAYE and VAT.
They have since been given until 3 December to settle the matter which is unrelated to the £1.75m tax bill Hearts are currently contesting with HMRC.
In a statement on their website, the club said: "Heart of Midlothian FC can today reveal that it has rejected a bid from businessman Angelo Massone to buy the club.
"The offer was received last week but the board feels the Italian may not be the right person to take the club forward."
And a spokesman for Hearts added: "We are aware of Mr Massone's previous involvement in the game in Scotland and the board has decided not to pursue his offer any further.
"In the view of the board, the bid (believed to be £4.5m) also undervalues the club.
"Vladimir Romanov remains willing to discuss the sale of Hearts to anyone with a genuine interest, and ability, to take the club forward.
"Bidders will need to provide a financial offer to reflect the value of the club, be fit to run it as required by the Scottish FA and disclose their plans going forward.
"They will also have to provide guarantees for Hearts' future to ensure the successful duration of the business of the club."