Whitehaven have confirmed that the proposed takeover of the club by Stuart Harvey and his consortium has fallen through.
The League 1 side revealed a £60,000 shortfall recently and required financial support to see out the season.
This led to a campaign calling for donations from fans, ahead of a takeover to secure the club’s future.
However, talks have stalled over the past week or so and the deal is now off.
A statement from the club’s board of directors said: “The Board Of Directors of Whitehaven RLFC appreciate and understand the frustration of all stakeholders following this week’s failed takeover by Stuart Harvey and his consortium.
“We are aware that some feel that this statement is late in coming however it is not much more than 24 hours since final confirmation was received that the takeover was, definitely off.
“Last night was the earliest chance the Board has to convene together and respond officially. The Board and the consortium would like it known that both parties are disappointed that a deal could not be reached in the time required and part ways amicably.
“The Heads of Terms that was signed at the open fans meeting included a confidentially agreement that is binding for both parties and as such what has already been released regarding the finer details of the takeover is all that anyone can, and have agreed, to say.
“Along with this statement the Board have been working on a plan for the club to continue this season and future seasons and fully believe that what is being worked on, along with the terrific work of supporters of late, will see Whitehaven RLFC continue.
“The Board will be releasing details of future plans in the near future as and when possible, but would like to put our thanks to Stuart Harvey and his consortium for the work they have put in over the past 3 weeks to get this deal done.”