Bloemfontein Celtic have vehemently denied reports that the club will be sold ahead of next season.
TS Galaxy boss Tim Sukazi revealed in one of his recent interviews that he held talks with Celtic and he was confident of completing the deal in the next few months.
In a statement released by the club on Wednesday, Phunya Sele Sele dismissed the reports as "fake news".
"There are rumours that the club has been sold and that has caused panic to our players, staff, supporters and sponsors," read the statement.
"All the articles about the club being for sale are fake news."
Celtic chairman Max Tshabalala urged the club supporters not to believe anything they hear or read in the media concerning the sale of the club.
According to Tshabalala, Celtic are in the process of securing a sponsorship deal and the reports are making it difficult for them to sign the dotted line.
"There are no offers to sell the club and the club is not for sale," he said.
"We urge people not to believe anything they see nor hear in the media concerning the sale of the club.
"The club is in the process of securing a sponsorship deal and all that has been said slows down the process of securing the deal."
Tshabalala admitted in the statement that there were enquiries regarding the possible sale of the club without disclosing those interested in buying the Bloemfontein-based side.
"We accept that there had been enquiries concerning the sale of the club from different stakeholders but nothing concrete was achieved," concluded Tshabalala.
Phunya Sele Sele have been experiencing financial problems since last season and they were nearly sold to Sinki Leshabane but the deal fell through in the final stages of negotiations.
Tshabalala's financial troubles continued as players downed tools on a number of occasions due to unpaid monthly salaries and signing-on fees.
The club also saw Steve Komphela leave the after complaining about the state of the pitch Celtic players were made to train under as well as unpaid salaries to staff members, including additional benefits he was promised when he initially joined them.