Rangers newco chief executive Charles Green is at odds with Brian Kennedy over claims that the Sale Sharks owner submitted a written offer for a controlling stake in the club.
After Kennedy confirmed reports he had a £5.6million offer for a 51% stake rejected, and had recently held discussions with Sevco Scotland representatives, Green issued a complete denial.
However, the Scottish businessman responded by insisting his offer had been acknowledged by Sevco and remained on the table.
The episode overshadowed continuing attempts by Sevco to secure Rangers' Scottish Football Association membership, which they need in order to play their first scheduled match, against Brechin in the Ramsdens Cup first round on Sunday.
Green said in a statement: "For the avoidance of doubt, the owners and board of the club are not interested in selling a majority stake in Rangers to anyone.
"I have said many times we are happy to talk to potential investors who wish to join the consortium on the basis that no single investor will have a majority shareholding and they support our commitment to a share issue for fans.
"We have checked with all the official representatives of shareholders and none of them have had meetings with Brian Kennedy so we have no idea who the gentleman is he is referring to. He has not contacted any board members on this matter and we have never received any written offer from him."
That account was soon refuted by Kennedy, who was involved in two failed bids for Rangers before Green signed an exclusive deal with administrators, which led to Sevco buying the club's assets for £5.5million when it was consigned to liquidation.
In his second statement of the day, Kennedy said: "This evening my lawyers have submitted to the offices of Zeus Capital, a copy of the offer document, along with proof of funding, that was considered and rejected by the controlling investors in Sevco around 27th June 2012. However, this offer will remain on the table for an open-ended period of time.
"I fully respect it is the legal prerogative of the controlling investors to accept or reject any offers for the shares, but I remain ready, willing and able to support the long-term interests of Rangers Football Club."