The two property developers were linked with the takeover bid in reports last week.

However, the Sunday Tribune understands that neither man is involved in negotiations to take over the struggling English club.

A consortium led by former Irish international Niall Quinn is attempting to purchase the club from current chairman Bob Murray. Negotiations are said to be at a preliminary stage but both sides believe a deal can be struck. Four Irish businessmen are believed to be backing Quinn's attempts to gain control of the club.

"The talks are certainly going the right way, " said a source close to Quinn. "They are at a delicate stage but all sides are very optimistic that a deal can be reached."

Mulryan and Dunne were linked with the takeover bid after they were spotted with Quinn at a horse-racing event.

However, neither man is believed to have any role in the takeover. The men behind the bid have not yet been named, although it is believed that property developer Jack Tierney is involved. The other businessmen are reluctant to go public with their involvement, preferring Quinn to remain as the public face of the bid.

It is believed that Murray would be willing to sell the club for £20m ( 29m), with the consortium needing a further £40m to clear the club's debts.

A likely investment in the region of £10m into the team would see the price of the deal rise to about £70m.