A consortium led by Egyptian businessman Mohamed El Kashashy and solicitor Chris Farnell has pulled out of talks to buy Burnley.
The consortium had been in negotiations with Burnley chairman Mike Garlick for 14 months and a £200m deal appeared close to completion in October.
However, it is understood that there had been no contact between the two parties for the past six weeks, and El Kashashy and Farnell have now ended their interest.
Their decision to walk away leaves sports investment firm ALK Capital as the only remaining potential buyer of Burnley.
The American firm, led by businessman Alan Pace, is now awaiting approval from the Premier League before they can proceed with their plans to take charge of the Clarets.
El Kashashy and Farnell's move to pull out of the deal comes just four months after Farnell was part of a failed takeover of League One club Charlton.
He failed the EFL's Owners and Director's Test - which prevented him from becoming a director of a club - although that disqualification was lifted in October, allowing him to continue with the attempted takeover of Burnley.