Reports in an Abu Dhabi newspaper, The National, had claimed the managing director of NVA Management, Chris Nathaniel, was in talks with a Dubai businessman interested in buying a controlling interest in the Blues.
But Everton moved quickly to deny the story yesterday and Elstone has now released a statement on the club's website clarifying the issue.
"Mr Nathaniel rang me this morning to apologise profusely for the piece claiming that he had been misquoted," he said.
"I had one, brief meeting with Mr Nathaniel a year ago and that is as far as it went. To suggest that he is working for us - and that he is close to concluding any form of deal - is totally wrong," Elstone added.