Former managing director Mike Turl says Bristol Rovers have spurned a £1.3m cash injection by rejecting his investment plans.
Turl recently quit the Pirates' board after chairman Geoff Dunford called his plans "fatally flawed."
Turl said: "The vision was about more than money, it was to provide football in a fan and community-based club.
"I was prepared to invest £1.3m, but I wanted to ensure I could manage the day-to-day finances."
Fellow directors Kevin Spencer and Colin Williams quit the Bristol Rovers' board at the same time as Turl.
Turl added: "There needs to be a £500,000 cash injection to cover operating losses and I as prepared to step up and meet that commitment.
"I was also willing to commit funds to prepare for stadium development vital to Rovers' future.
"But I believe it's time to draw a line under this and I'm sorry things have ended this way and we're not able to continue the work we started."