Bournemouth have turned down an offer from local businessman Philip Oram to buy their Dean Court home.
Bournemouth sold the freehold of Dean Court to Structadene in 2006
The cash-strapped League One side sold the stadium to London-based property company Structadene for £3.5m in December 2005, and leased it back.
Structadene had agreed to sell the ground to Oram, subject to the approval of the football club's board.
However, the directors unanimously voted to decline the offer at a board meeting on Tuesday evening.
A club statement explained that it was rejected because Oram's proposal did not include an option to buy back the stadium, which they currently have.
"The board met to discuss the details of Mr Oram's offer and concluded unanimously that it was not in the best interests of the club to support it," the statement read.
"Firstly, the board felt that, taking into consideration all aspects of the offer, it would only produce a marginal economic benefit over the length of the current agreement.
Mr Oram declined our request to mirror the existing buy-back terms
Bournemouth club statement
"Secondly, at an earlier meeting a board representative had stressed to Mr Oram the importance of preserving a buy-back clause, which we feel is vital to the club and its supporters.
"Mr Oram declined our request to mirror the existing buy-back terms."
Oram had previously insisted that any future takeover of the club would only take place once he had bought the freehold to the stadium.
Also battling to buy the club is a three-man consortium led by Jeff Mostyn and also including former Cherries chairman Abdul Jaffer - who resigned from the club board last week - and associate director Steve Sly.
An extraordinary general meeting of shareholders in March is due to consider the consortium's bid.
The club statement added that Tuesday's deliberations regarding Oram's offer "were undertaken without the presence or influence of any members of the consortium".