Sheffield Wednesday have rejected a takeover bid from Leicester City chairman Milan Mandaric.
Wednesday directors held an emergency meeting yesterday with the Co-operative bank yesterday ahead of a decision on whether the club is to go into administration.
Mandaric's interest is now at an end following an opening offer, says the Daily Mail. Chairman Howard Wilkinson was presented with an apparent conflict of interest by the approach.
Wilkinson is also chairman of the League Managers Association who have consistently condemned former Portsmouth chief Mandaric's high turnover of club bosses.
Co-op executives met with the board at Hillsborough to talk over narrowing rescue options before the Owls face a winding up order from HM Revenue and Customs in the High Court on Wednesday.
Mandaric's bid was turned down by at least two loan-note holders, including former chairman Dave Allen who is owed £2.4m including interest, as well as the club.