St Mirren's controlling shareholders have rejected a fans' bid for their stake in the club.
The consortium, which includes chairman Stewart Gilmour, have turned down a revised £1.25m offer for their combined 52% shareholding from the 10,000 Hours community interest company, who had pledges of financial backing from more than 1000 supporters.
The fans' co-operative last week announced they would resubmit their bid after being asked to review two clauses but the revised offer was still not acceptable.
A statement on the club's website read: "The longer this went on and with the numerous changes that were made to the proposals it appeared that most of the 10000 Hours' major backers seemed to be having doubts about the concept.
"It became clear that it appeared to be becoming more difficult for the 10000 Hours board to come up with an appropriate offer which would have given confidence to the selling consortium that their proposals were sustainable."
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