Two stumbling blocks caused Liverpool co-owner Tom Hicks to break off talks with suitors Dubai International Capital (DIC).
DIC wanted to put a fan on the board and were not prepared to contribute large sums of cash to fund the new stadium without having a significant say in the running of the club.
After a day of talks in Dubai on Monday, representatives of Liverpool co-owner Tom Hicks and Dubai International Capital reached deadlock, with the Texan finally breaking off negotiations.
The move came as a shock to DIC but, although they have avoided making any further public statements, it is believed they still want to buy into the club.
Hicks has also vetoed any move by his co-owner George Gillett to sell a 49% stake in the club to DIC, who plan to investigate the legality of that move and still want to buy Gillett's stake.
It has emerged that one of the conditions of DIC's bid was that a fan with full voting rights would be installed on the board.
This follows meetings with fans' groups on Saturday when a DIC representative watched the 3-0 win over Newcastle from the Kop.
But Hicks did not want such a move and insisted the club would "not be run by committee".
The American is believed to have also wanted DIC to be a virtual sleeping partner while contributing cash to build the stadium and future transfers.