Sky Sports has confirmed that Wolverhampton Wanderers is not for sale, despite reports that American businessman John Textor made a £400 million offer to buy the club.

The network explained that the club, which is currently at the bottom of the Premier League, is seeking to attract new investments from the Chinese owners, Fosun Group, without any intention to sell the club entirely.

Sky Sports added that John Textor is facing multiple legal issues concerning his company, which owns several clubs, and which sold its 43 percent stake in Crystal Palace to American businessman Woody Johnson for £190 million last July.

The network also noted that Textor stepped down from managing the French club Lyon last June after the team was temporarily relegated to the second division due to financial violations, before the club managed to remain in the top division after the appeal was accepted and a new management was formed.

The network indicated that the American businessman is currently involved in legal disputes with partners and investors in his companies, while his investment in the Brazilian club Botafogo is considered his most successful, as the team won the South American championship last November, although a court in Rio de Janeiro recently annulled his attempt to change the club's board of directors.

Wolverhampton has not issued any official comment on these reports yet, and John Textor did not respond to a request for comment.