Doncaster Rovers will remain in the hands of its current owners after the club rejected a proposed takeover by Sequentia Capital.
The Irish-led consortium expressed an interest in Rovers over the summer and revealed plans to spend upwards of £20million on a five-year plan to get the south Yorkshire club into the Premier League.
Talks had stalled in recent weeks and on Monday morning Doncaster issued a statement on its official website distancing themselves from any takeover.
"Each proposal in its current format has been explored thoroughly and the owners have come to the conclusion that it is in Doncaster Rovers' best interest to remain in the hands of the current investors," read the statement.
A statement from the owners added: "We are part way through a project with Doncaster Rovers that we all feel passionate about.
"Our aims are to bring the club closer to the local community and to bring economic growth to the area through our activity whilst continually improving our playing performance on the pitch.
"We believe that there is so much that we can still help the club to achieve.
"Last season saw Doncaster Rovers promoted to the Championship and saw us forge strong relationships with our fans.
"We want to deliver the best possible Doncaster Rovers for our fans, not just for the next season but for the future."
Doncaster's statement is the latest twist in a summer-long saga regarding the future of the club under current major shareholders John Ryan, Terry Bramall and Dick Watson.