A local consortium, headed by Simon Elliott and Ian Sharp, have withdrawn from negotiations to purchase Scunthorpe United.
The group have been in talks with Scunthorpe United owner Peter Swann for a number of months, but have confirmed they are no longer in the running.
A statement posted on Twitter by former Iron director Simon Elliot read:
“Dear Scunthorpe fans, it is with great sadness we announce we have withdrawn from negotiations to take over SUFC”
“We cannot go into detail but we’ve submitted many offers aimed at giving a long term future for the club, we had proof of funds for every offer and a business plan for sustainability.
“We would like to thank all those members of the consortium, the many great people of Scunthorpe and beyond who offered support but most importantly you the fans. Your continued messages of support kept us going.
“We don’t know what happens next but our love for the club remains stronger than ever and we will be waiting in the wings if anything changes.”
BBC Radio Humberside have also confirmed that former Port Vale owner Norman Smurthwaite is not interest in purchasing the club.