Truro chairman Kevin Heaney has pulled out of a deal to buy Plymouth Argyle, BBC Spotlight understands. The administrator, Brendan Guilfoyle, has now been told he will have to look elsewhere for a buyer.
It is understood two other offers to save the League One strugglers are still on the table.
One is from a south-east based businessman, Paul Buttivant, who has refused to confirm or deny his interest.
The other interested party is thought to be James Brent, owner of a hotel group based in Devon, who has been unavailable for comment.
On Wednesday, Plymouth Argyle's acting chairman Peter Ridsdale warned that unless an agreement is reached between creditors and a potential buyer, legal action could ensue.
"The club is in administration and unless it can find a buyer it will go into liquidation, so obviously we're running very fast to find a solution."
