Steve Massey pulls out of Truro City takeover bid
Former Truro City manager Steve Massey is pulling out of an attempt to buy the struggling Blue Square Bet South club as he cannot raise enough funds.
Massey, who was in charge of Truro from 2004 to 2006, said last month that he was keen to make a bid.
"Reluctantly and very disappointingly I've been unable to bring in the people that I wanted, and the financial muscle," he told BBC Radio Cornwall.
"But the financial matter of fact is there's been no cash to back mine."
“As a business proposition you'd walk away from it, it just doesn't make sense”
Massey feels that it costs between £200,000-250,000 a season to run the club, but it is not generating anywhere near that sort of figure in terms of income.
"The players are on very good Conference money on a Western League income," Massey said.
"Over the past seven seasons it's been a train crash waiting to happen.
"I had the figures through on Friday and they don't make pleasant reading at all.
"As a business proposition you'd walk away from it, it just doesn't make sense"
Truro will be expelled from the Blue Square Bet South on 11 October unless they can prove that new owners are able to sustain the club.
Massey says he would be happy to tide the club over in the short term to keep it alive, but only if there was a genuine prospect of new investment.
"I don't mind propping the club up for a month, two months, even up to Christmas.
"But unless there's some cast-iron guarantee that there'll be financial support to go on after that then I won't make a bid for the club."