Rochdale have opened talks with their former chairman over a potential investment in the club.
The Dale have said they "openly engaged" with Chris Dunphy after their relegation from League Two was confirmed at the weekend.
The defeat by Stockport County ended the club's 102-year stay in the EFL.
READ MORE: Click here to sign up to the BusinessLive North West newsletter
Rochdale have been seeking external investment since the end of last year.
In a statement, the club said they are in discussions with "several interested parties".
An update is expected to be issued "no later" than Wednesday, May 10.
Mr Dunphy became chairman of the Spotland club in June 2006, succeeding David Kilpatrick. He stepped down in December 2018.
Rochdale said: "For the avoidance of doubt, the club remains fully bound by EFL regulations and the club has requested information to be provided by [Dunphy] no later than Tuesday 9 May 2023, in order to ensure it can comply fully with those regulations as may be needed.
"The club is still operating under a suspended points penalty until October 2024 for a previous failure to comply with the EFL regulations over a previous attempted takeover in summer 2021."
READ MORE:
