The club were given 28 days to settle an unpaid tax bill that had risen to £1.4m, with Deputy Prime Minister Nick Clegg and former Home Secretary David Blunkett vowing to help the survival bid.
Former Portsmouth owner Mandaric had faced competition from other groups, including One Wednesday - a collaboration between Sheffield car dealership owner Garry Scotting and fans' groups. Their group attempted to raise funds from a small group of wealthy fans, complemented by smaller contributions from other supporters.
In 24 hours, the group received over £120,000 in pledges from supporters, and spokesman Kris Wigfield said they were plan B if the Mandaric deal fell through.
But, along with another consortium led by former Owls vice-chairman Mick Wright and director Ken Cooke, their bid was ultimately rejected.
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