Birmingham City have terminated takeover negotiations with Carson Yeung's investment company, Grandtop International Holdings.
But Blues told the Stock Exchange that the Yeung talks were over.
Birmingham have ruled out the prospect of the club being taken over until next summer at the earliest.
"The company announces that it has terminated discussions with Grandtop International Holdings as the directors are no longer confident that GIH will be able to make a general offer for the company," said a Birmingham statement.
"The directors confirm that they are not in discussions with any other potential offers for the company."