Matthew Le Tissier's bid to become Southampton chairman is over with the south-coast club now days from going out of business, claims The Sun. The Pinnacle consortium he was fronting pulled out of the running to take control.
Le Tissier said: "With the ongoing issues with the Football League persisting, our backers have simply refused to provide the requisite funds to complete the takeover.
"I would like to thank (Pinnacle boss) Tony Lynam for all his hard work and the others who have gone above and beyond the call of duty for Southampton Football Club.
"I hope beyond hope that Mark Fry can find a buyer for the club.
"We were unaware of the issues with the Football League when we entered into our agreement to purchase the club and them coming to light so late in the day has resulted in our backers' decision not to proceed under the terms on offer."
Administrator Mark Fry is now thought to be left with two potential buyers for the club.
Fry said last week he would have to consider starting to wind up the club by Friday if a deal could not be reached.