Blackpool owner Owen Oyston has told Blackpool Supporters' Trust that he is ending talks with them over their proposed takeover of the League One club.
BST announced plans for a leveraged buyout of the Seasiders over the summer with a £16 million package that would have seen Oyston, who has been in charge of affairs at Bloomfield Road since the 1980s, and his family retain several assets connected to the club.
The Tangerines owner posted a series of public statements asking for clarification over numerous elements of BST's bid and has now called time on their proposal after claiming they had not provided him with those assurances.
In a letter addressed to the trust posted on Blackpool's official website, Oyston said: "I am very disappointed after giving you extended deadlines twice that you have failed to respond to the questions which, if you were serious, you would have dealt with responsibly and comprehensively.
"The proposal that you put to me which the press referred to as a £23m hostile bid and which you, both in your letter and publicly have stated is a £16m bid, is, as you have now admitted, no bid at all, but an invitation for me to give you all the assets and cash without you producing one penny of new money. In short, you are asking me to give you all the cash and assets and you have not even answered the basic questions I have to put to you.
"I believe that if you were left to run the club it would go to the wall because you do not have any money or the experience necessary to support the club in its moment of need.
"It would be irresponsible of me to simply hand this over to you as it is clear to any independent observer that you could not operate it successfully. From the many discussions I have had with large numbers of fans, it is clear that they have seen how I have been able to support the club through tough times and know I am in a position to do so in the future. They have implored me not to hand over the cash and assets to you."
In July, BST had been asked by Oyston to explain 10 queries he had before he was able to "take your proposal seriously" and despite claims from the owner to the contrary, the trust have stressed those clarifications were provided in September.
In statements posted across some fans' forums, they said: "We are disappointed, but not surprised, to read that Owen Oyston has finally closed the door on negotiating on BST's bid.
"We will publish a detailed response over the weekend but right now we just wish to refute the spurious claim that we 'failed to respond to the questions.'"