Sequentia Capital have agreed a deal to buy a small share holding in Rovers as they signal their on-going intent to take over the club.
The Belize-based hedge fund is in the process of becoming the eighth biggest shareholder in the club after agreeing the purchase of 168,000 shares from Trevor Milton and Michael Garrity.
But Rovers have denied a deal has been done and insist the Free Press’ approach for a comment was the first they had heard of it.
Chief executive Gavin Baldwin said: “I am not aware of any arrangements between either Mr Milton or Mr Garrity and Sequentia Capital.
“Any transfer a shareholder wishes to make is subject to the club’s constitution.
“Until all steps have been concluded, of which the directors must approve, there is no effective transfer anyway.
“I am therefore surprised that you tell me Mr Milton has informed you of this without first contacting the club, as this does appear mischievous.”
Should the deal be ratified, Sequentia would take ownership of around 1.3 per cent of the club after snapping up the stakes of former chairman Milton and ex-director Garrity.
And the Free Press understands other small shareholders have already been sounded out about selling up.
Milton has urged the shareholders to sell to Seqentia, who he believes will take the club forward.
He told the Free Press: “Both Michael and I are delighted to sell our shares to Sequentia Capital.
“And I would urge the other shareholders to do the same to ensure the club has a bright future.
“I have spoken with some of them and they appear to be positive about the takeover so I hope deals can be done.
“I feel that the club is stagnating under current ownership and I fear a return to League One.
“Doncaster Rovers has the potential to reach the Premier League and I believe Sequentia Capital has the funds and the desire to take the club there.
“We are in full support of John Ryan who is backing this takeover. This is in the best interests of the club.”
Earlier this week, Rovers’ current owners issued a statement to say the club would remain in their hands.
But Sequentia representative Kevin Phelan insisted the group would not give up their desire to buy.
He said: “We’re not going anywhere. We see this statement as a positive because until now we’ve had no communication with the club.
“We’re not that easily put off.” Phelan also confirmed the group’s deal with Milton and Garrity to the Free Press.