Aston Villa have denied weekend reports that they are on the verge of agreeing a deal to sell the club to a Russian group, but have admitted that they have received a "preliminary approach" to buy the club.
Reports claimed that manager David O'Leary would be given £75million to spend on players if the Russian group succeeded in a buy-out.
A statement from Aston Villa plc to the Stock Exchange claims such claims are "inaccurate and unfounded."
It adds: "However, the board has received a preliminary approach which could lead to an offer for the company. Shareholders will be updated of any further developments."
Villa chairman Doug Ellis has shown little inclination to sell his shareholding in the club.
Former Newcastle defender Ray Ranson, now a successful businessman, was keen on taking control of Villa earlier this summer, but he ended his interest at the start of September after having an offer rejected.
The club's share price has climbed steeply amid the interest from Ranson and the latest speculation of further possible movement. At noon today it had soared by 98.5p from its overnight price to 470p.
