Some media reports on Wednesday claimed that former West Ham United and Fulham defender John Painstil had acquired the club which belongs to former Ghana Football Association President Kwesi Nyantakyi.

However, the club in a statement released today says there is no truth to the reports although management has received approaches from some potential investors.

The statement signed by Nana Obiri Yeboah, Operations Manager of Wa All Stars stressed that there has been no agreement with any interest group over a sale or partnership.

“The club has received approaches from potential investors proposing various forms of investment in the club," the statement said.

“However, there has been no agreement with any interest group about a takeover or partnership.”

Winners of the Ghana Premier League in 2016, Wa All Stars was formed by Kwesi Nyantakyi in 2005 and two years later qualified for the Ghana Premier League.

Nyantakyi is currently serving a lifetime ban from all football-related activities by world football governing body FIFA.

As a result of the ban, he must divest himself of all interests in the club.

FIFA's adjudicatory chamber found Nyantakyi “guilty of having violated art. 19 (Conflicts of interest), art. 21 (Bribery and corruption) and art. 22 (Commission) of the FIFA Code of Ethics, 2012 edition.”

The one time Fifa executive committee member was filmed in an undercover investigation by investigative journalist Anas Aremeyaw Anas taking $65,000 (£48,000) from an undercover reporter pretending to be a businessman.

Nyantakyi was also been fined 500,000 Swiss francs($over 400, 000).

A statement from Fifa read: "The adjudicatory chamber of the independent Ethics Committee has banned Mr Kwesi Nyantakyi, former President of the Ghana Football Association (GFA), for life from all football-related activities (administrative, sports or any other) at both national and international level."

"The adjudicatory chamber found Mr Nyantakyi guilty of having violated art. 19 (Conflicts of interest), art. 21 (Bribery and corruption) and art. 22 (Commission) of the FIFA Code of Ethics, 2012 edition. As a consequence, Mr Nyantakyi is banned for life from all football-related activities (administrative, sports or any other) at both national and international level. Additionally, a fine in the amount of CHF 500,000 has been imposed on Mr Nyantakyi."