Shepherd is alleged to have made a £2.5million bid to Town’s admistrators for striker Darren Bent and midfielders Darren Ambrose and Matthew Bloomfield and Royle claimed: “We did not look too keenly on the bid. Our view was that it was derisory and opportunistic and we are not looking to sell.
"They are very talented players and we want them to stay. We want them to be playing in the Premiership with us next season."
But Shepherd released a statement denying any wrongdoing: "We have not acted improperly and we're disappointed that
"We would also like to point out that the bid was substantially more than the £2.5m being reported.
"But we also want to make clear that there was no slight intended to the Ipswich Town board as there has always been a good relationship between the two clubs during past transfer dealings."