Carlisle United have ended negotiations with a potential overseas investor, almost two years after the talks began.
The Cumbrians confirmed developments had progressed as far as a written offer of investment and funding proposal in late 2016.
Carlisle's former vice-president Andy Bell had previously claimed that the unnamed investor was a billionaire.
However, the club's shareholders felt the offer did not "present a way forward they could support".
They also said the proposals were unlikely to "gain support" from the supporters' trust or fans.
"The club understands that the prolonged period of time these discussions have taken has not been what anyone would have wanted," the statement from the club said.
"Throughout, the shareholders have sought to allow sufficient time and every opportunity for credible proposals to come forward, to be properly and diligently reviewed and for a deal to be done, if possible.
"This process has now run its course and we have drawn a line, and we are now looking forward.
"The desire to see new investment and a succession of ownership to take the club forward remains unchanged."