Crystal Palace chairman Steve Parish has denied the club is on the verge of being sold to a consortium led by Arsenal legend Tony Adams.
Reports emerged on Monday evening that Adams had teamed up with former Chelsea director Paul Smith in an effort to collect investors to come in with them on the deal.
Adams has repeatedly stated his desire to work behind the scenes at old club Arsenal but is yet to be offered any role by manager Arsene Wenger.
The report claimed Adams and Smith had secured the backing of European investors ahead of a £200million takeover — but Parish, who owns 18 per cent of the club, says this is not the case.
He tweeted: “This story is not true, there are no deals in place or discussions to sell the club.”
Mirror Football, however, understands that there is in fact truth to the story.
Due diligence was carried out on Palace by potential investors in February and they secured an option to complete a takeover of the club.
That option expires at the end of August, however, meaning Adams and the consortium are running out of time in which to complete the deal.