Celta Vigo president Carlos Mourino has denied reports that he has sold his shares in the club to a Chinese group but says he has received several offers.
Reports in Spain claim Celta, founded in 1923, are on the verge of falling under foreign ownership with Citic Group, a conglomerate in China, finalising talks to purchase the Galician club for a reported €150 million.
"The only thing certain is that I have not sold my shares," the 74-year-old Mourino, who acquired Celta in 2006, told a news conference. "I want what is best for Celta and I will do what is best for the club. We have received several offers and the last one arrived on Monday."
Celta appeal to potential buyers due to their good financial health, with the club announcing last year they had no debt.
Moreover, the team, coached by Eduardo Berizzo, finished sixth last season in La Liga and returned to European football this term after a 10-year absence.
Mourino says the club need additional investment to continue to be competitive in Spain's top flight.
"If we do not give Celta the [financial] capacity that other teams have, then I see Celta's future weakened," he said. "Due to my age, my tiredness and disenchantment, if there is nothing that I see that pays off for me to be away from my family, the time will come for me to leave."
Mourino has offered to purchase the club's Balaidos home, which is currently undergoing renovations, from Vigo's town hall.
"I'm committed to acquiring the Balaidos stadium from the city and to pay in the space of 10 years for the renovations, putting as a guarantee my shares of the club," he said. "All of the benefits from the commercial exploitation would go to the club."
Celta have won three and lost four of their opening eight La Liga games and are 12th in the standings. They host Ajax in the Europa League on Thursday.