Millionaire Liverpool fan Steve Morgan says he has had a revised bid to invest in the club turned down.
Morgan had an offer to plough £73m into Liverpool rejected as "not attractive" by the board earlier this month.
But he revealed on Friday he had since "totally changed" the structure of the bid, and increased the price per share.
"This revised offer has also been turned down by both the chairman and the Liverpool board," a statement from his representatives claimed.
Morgan now says he is "reluctantly withdrawing" the new bid, which was the third he has made to Liverpool.
A £50m offer was turned down earlier this season, followed by the £73m bid and now this latest attempt to buy into a club he has always supported.
He now appears to have walked away from investing in the club, leaving Thai prime minister Thaksin Shinawatra a clear path to negotiate his own, £60m offer for 30% of Liverpool.
However, that offer now appears to have hit a snag of its own.
"I would like to thank the many thousands of fans who backed the bid and my family who have been totally supportive," he said.
"I remain totally committed to Liverpool Football Club and would implore the
board to bring all of the uncertainty surrounding both the club and the manager
to a rapid conclusion."
Morgan said after the first offer was rejected: "It was pretty apparent that the board was not willing to speak to me about any kind of deal.
"But I hope I have highlighted failures at management and board levels."