Rovers insist they have yet to be officially informed that any shareholder has sold their stake in the club to Sequentia Capital.
It is understood Sequentia purchased around 37 per cent of the club prior to takeover talks between the group and Rovers ending.
The stakes purchased included that of former chairman John Ryan.
But Rovers chief executive Gavin Baldwin says the share purchase is news to the club.
In a short statement to the Star he said: “Doncaster Rovers have not received any official notification that any shareholder has sold their shares in the club.”
Ryan is understood to have joined fellow former chairmen Peter Wetzel and Trevor Milton in selling his stake.
Minor shareholders James Beresford, Stuart Highfield, Peter Hepworth, Paul May, Michael Garrity, Richard Hirst, Joseph Cartwright and Phil Ryan are also understood to have agreed deals with Sequentia.
Ryan chose not to answer questions on the share sale when pressed on the matter last month.
The hedge fund’s representative Kevin Phelan was unavailable for comment on Rovers latest statement.
But Phelan told the Star a fortnight ago Sequentia had become the club’s largest individual stakeholder.
Phelan said: “We purchased Peter Wetzel’s stake taking us to around 37 per cent ownership.
“Purchasing the shares was part of a strategy we hoped would lead to buying the club.
“At the current time, that will not be happening but we want to reassure people we will not be making any rash decisions on what happens to that stake.
“We will take the advice of the people we have purchased the shares from before deciding how to proceed.
“These people have shown their support for John Ryan by selling to us and we don’t want to let them down.
“They have shown faith in us and we will do the same in return.”
Phelan also stated Sequentia would be open to helping Rovers’ other major shareholders with the running of the club ‘if wanted.’