The Yorkshire Post has learnt that at least two of the main shareholders in the club – former chairman Dave Allen and fans' group Wednesdayite – were originally shown 100m Euros (£80m) worth of funding held in a bank in Dominica. But the bid's frontman, Geoff Sheard, denies the money for the deal was ever based in the Caribbean.

It can also be revealed that a Swiss-based lawyer representing Sheard and the anonymous investors behind the bid has seen funding recently moved from a Swiss bank to a UK bank – one of the key stipulations of any deal – but he could not confirm where the money is currently held.

Dr Hans Ulrich Sutter, based in Geneva, said he has met Sheard three times in Switzerland and is due to see him again in the first week of September to potentially progress the deal. He said around 6m Euros (nearly £5m) was moved to the UK to begin the buyout process – but not the full amount.

Sheard himself says he hopes to conclude a deal next week and said the money was now in a UK bank.

The lack of clarity surrounding the bid prompted Wednesdayite – which has itself agreed in principle to sell its 10 per cent stake in the club to Sheard – to warn a deal has to be done quickly in the interests of everyone connected to the club.

Darryl Keys, Wednesdayite chairman, said: "This needs to be sorted out for the benefit of everyone. The funds need to be verified and the situation clarified.

"The only practical way it can be done is for the money to be shown to be in a UK bank – that's the only way it can be done on a reasonable timescale. Ideally it needs to be done by the end of next week."

Dr Sutter, who said he met Sheard twice in Geneva and once in Zurich, confirmed funding had been moved to the UK though he added it may have been moved again since.

He said: "I have to clear some questions with Mr Sheard on what happens now. We are at the beginning of the process and I need a clear explanation on what I do next."