West Ham co-owner David Sullivan says he and David Gold have no plans to sell the club.
An informal approach to buy the club was made by a consortium that includes former Queens Park Rangers chief executive Philip Beard.
The consortium remain interested in buying the club, and are reportedly willing to offer in excess of £400million.
But owner Sullivan has stated they never provided proof of funds.
Speaking to BBC Sport, he said: "The offer was derisory.
"They never produced any proof of funds and were looking to raise funds to do the deal."
Sullivan has also stated that the proposed buyers saw it as more of a "property not football deal".
And that the "vague proposal was not in the best interests of West Ham, its shareholders or supporters".
Despite unrest with Hammers fans, Sullivan insists he won't sell up: "We have no desire to sell the club but get approached by many weird and wonderful people who lack the funds and have no experience in running a football club."
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