Partick Thistle's new board are in "active dialogue" with potential new investors after a formal takeover bid was made for the Glasgow club.
It was reported in June that a group that own French side Nice and English Championship outfit Barnsley were to buy the Scottish Championship club.
Thistle appointed four new directors on Thursday - including former chairman David Beattie, who replaces Jacqui Low.
He said interest in Thistle was "not speculative but a formal approach".
Beattie indicated that runs "contrary" to a statement released by the Firhill club last week.
"Existing investors had raised concerns about the direction of the club therefore the board are in active dialogue with potential new investors to fully understand their interest and to establish if that could support the growth and long-term sustainability of the club," Beattie said.
As well as chairman Low, fellow board members Michael Robertson and Duncan Smillie have been removed.
Low was appointed chair around a year ago, while Glasgow Rocks basketball team owner Smillie only joined the board in June.
Ronnie Gilfillan, David Kelly and Norman Springford join Beattie in replacing them.
"While I didn't anticipate this day coming, it is again an honour to do so," said Beattie, who stepped down as chairman last summer after seven years.
"We believe the board now has the correct blend of skills and experience to drive the club forward. I will only ever act with the very best interests of the club at heart."