Hong Kong businessman Carson Yeung has ended his plans to take over Birmingham City after the club terminated talks with the tycoon.
Sammy Yu, the chief operating officer of Grandtop International, Yeung's company, insisted that money was not the issue but Birmingham's reluctance to allow the company to get further involved with the Premier League side was the main stumbling block.
"They have been promised that we can get onto their board but so far we cannot join in despite being the club's major shareholder.
"Even if you buy a house, you want to take a look at it first before you buy it but if you cannot even see it, how can you buy it? So we feel that it's not the best time to take over the club.
"We have decided to temporarily shelve the take over plan."
Yeung's deadline to complete his proposed takeover of the Blues was 21st December, but owners David Gold and David Sullivan admitted this week that a deal could not be done in time.
Birmingham ended months of uncertainty over whether or not Yeung and his company would complete a buy out of the club in an announcement to the Stock Exchange on Thursday.