Baker has been Cheltenham chairman for over a decade
Cheltenham Town chairman Paul Baker has revealed to BBC Radio Gloucestershire that he has previously turned down an offer for a 51% stake in the club.
The offer for the Robins, who currently lie 22nd in League One, was made during the 2007-08 season.
"We've been approached by investors - last season and in previous years - but the people weren't right," he said.
"The demands that they made upon the club were unreasonable and so we decided not to go along with them."
Baker insists that the club is not up for sale, but admitted that it needs more investment to progress.
"None of us on the board are in it for the money," he said.
"So we're not looking to sell the club and make some money, that's the last thing on our minds.
"If someone comes along with a significant amount of new money which they're prepared to invest in the club, for the benefit of the club, the manager and the playing squad quite clearly we'd be silly not to look at that seriously."
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