Port Vale chairman Bill Bratt has confirmed supporters were unable to raise enough cash to buy the Second Division club by Sunday's deadline.
A board meeting on Monday could see the future of the club mapped out - but Bratt admitted the door "is always open" for Vale fans to have their say.
He said: "The fans have come forward with some cash - but it's not enough.
"The situation now is that there's an offer in the pipeline through Charles
Machin that we'll be considering.
"The door is always open for the fans, though.
"We've always said it's preferable for the fans to own their own club, to keep it away from any one man who can do what he likes when he has over 50% control."