Richard Atkinson says his 10000Hours group's £1.25m bid for St Mirren remains on the table, despite it being rejected by the controlling consortium.
But he stresses that the fans' co-operative will not increase its offer.
"We made an offer that we viewed that was both sustainable and deliverable by the fans," he told BBC Scotland.
"But we did not want to make an offer that we couldn't afford. Chasing the ownership is something that's got to avoidable at all costs."