The chairman of Mansfield Town football club has ended takeover talks with a supporters' group.
The Stags Supporter's Trust, known as Team Mansfield, said it is disappointed by the breakdown in talks.
Club chairman Keith Haslam says prolonged negotiations would not be in everyone's best interests.
The supporters' trust had hoped to take over the complete workings of the club, including customer relations, marketing sponsorship and team affairs.
Other members of the management board have said they hope to restart the discussions at a later date.
Trust chairman Jeff Barnes said: "It wasn't rejected for financial reasons - he rejected it on the basis that the club was going through a period of instability.
"This instability has been going on for many, many years.
"Since the play-off final just a few months ago, we've lost a host of players, the professional and admin staff and the marketing staff.
"It's gone from bad to worse, we've gone 11 games without a win.
"We can't think of a better time for him (Mr Haslam) to move on.
"He says it's not money, if he doesn't want to sell then he needs to say so."
Keith Haslam said: "At this moment in time the club needs stability for staff and supporters.
"With details of their bid in the public domain, I think potential prolonged negotiations to purchase the football club would not be in the best interests of anyone concerned."