Talks between a potential overseas investor and Carlisle United have ended following two years of discussion.
Carlisle had confirmed that discussions had progressed as far as a written offer to invest in the club in late 2016. With former vice-president Andy Bell claiming that the unnamed investor was a billionaire.
They added that they felt the proposals were unlikely to "gain support" from the supporters' trust or fans.
A club statement said: "The club understands that the prolonged period of time these discussions have taken has not been what anyone would have wanted. 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."
It added "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."