Bolton's administrators are taking legal action against Laurence Bassini after accusing him of making and sending threatening phone calls and emails over the sale of the club.
However, the former Watford owner, who claims West Ham's vice-chairman David Sullivan is willing to back him to the tune of £25million, denies any wrongdoing and suggested police should investigate.
Bassini was turned down over the purchase of Bolton in favour of preferred bidders the Football Ventures consortium, but after suggesting his offer was the better option the administrators have hit back.
"We note with dismay the interview given by Laurence Bassini to talkSPORT this morning," read a statement on behalf of David Rubin and Partners.
"The simple fact is, for several reasons, Mr Bassini was not the successful bidder under the process we have carried out to sell Bolton Wanderers.
"His bid was not the best for the club. Moreover, he was not able to satisfy either the proof or source of funding to the satisfaction of the process or within the proscribed time frame. That remains the case.
"Subsequently, Mr Bassini has sent a vast number of erratic and threatening emails and text messages, as well as making threatening calls, to the point where we have instructed lawyers to deal with them.
"We will be making no further comment about Mr Bassini or his claims."
Bassini, however, rejects the suggestion his behaviour has been threatening and is refusing to go away.
"It is all nonsense. If they don't like these texts and think they are criminal I suggest they call the police immediately and let them investigate," he told PA.
"The emails I am sending are (saying) they are leaving this club in limbo and it will end up going into liquidation.
"They are not threatening texts, they are texts saying, 'You are not doing all these things (correctly), I have made an offer and you are ignoring it'.
"They are not going to bully me off, they are not going to scare me because I am not going anywhere."
In May Bassini, who has twice been declared bankrupt and was banned from owning an EFL club for three years in 2013 for alleged financial misconduct, claimed he had completed a takeover of Wanderers.
However, with no proof of funds forthcoming the deal collapsed and the club entered administration.
Bassini, however, appears determined to fight for ownership of the League One club.
"Dave Sullivan, who I've known since I was a child, called me and said, 'Look Laurence, you're going to need some help because you're getting slaughtered out there'," Bassini told talkSPORT.
"He then says, 'I'm going to give you the money so you can go and do this. I'm going to give you £25million so you can sort yourself out' – which he's done.
"They (the administrators) are saying, 'No, we've got a preferred bidder', but we are the better choice because: A, we're footballing people, and B, financially we'll stabilise the club."