Notts County chairman Alan Hardy has told Lilian Greenwood MP there is "no definite" buyer for the troubled National League club.
Ms Greenwood met with the embattled Magpies owner on Friday afternoon just hours after it emerged the club had failed to pay staff and players their June salaries.
The Labour MP for Nottingham South had attempted to gain clarity over the progress of a takeover with the club having been on the market since January.
A consortium including convicted fraudster Alex May and a South African group have been in talks with Hardy, but a deal is yet to be completed.
In Friday's meeting, Hardy told Ms Greenwood that he has a "fiduciary duty" to sell the club to the highest bidder subject to his lawyers believing that the buyer will satisfy the FA’s fit and proper person test.
He also said that for the club to be successful it needed to find a way to be self-sustaining.
Ms Greenwood said she was disappointed that he had refused a request to allow representatives of key supporters' groups to sit in on the meeting.
However, she has written to the Football Association and the City Council regarding the problems at Meadow Lane.
