The prospective new owners of Birmingham City, Paul Richardson and Maxi Lopez, have withdrawn their offer to buy the club, reports BBC Radio WM.
In a statement they said, after due diligence work, they attempted to renegotiate the terms of their original agreement with Blues' current owners - but failed to agree a deal.
Ex-footballer Lopez and businessman Richardson began talks in mid-July.
They are "bitterly disappointed" and have been "left with no alternative".
More to follow.
Source: bbc.com