Sports surgeon Gordon Mackay's takeover bid for Stirling Albion has collapsed because the Second Division club were taken to court in February.Stirling Council took action after the club failed to pay almost £100,000 in rent and rates arrears, leading Mackay to walk away from the deal.
"My financial team have studied the Stirling Albion accounts, assisted by the club's own accountants," he said.
"And it is frustrating that we are not in a position to move forward."
Professor Mackay, who was at one time the club doctor to Albion and is now regarded as the country's leading sports injury specialist, announced in December he was to start immediately on the "due diligence" required prior to a potential takeover.
The legal advice I have been given is to withdraw the bid as it would be unwise for me to continue
Gordon Mackay
But Mackay has now issued a statement saying that he was standing aside after three months of negotiations by his advisors as they sought a way forward for him to acquire the controlling interest held by the club's long-standing owner, Peter McKenzie.
"My ambition to acquire the football club has been thwarted by the issue of rent arrears, which is at the centre of February's revived court action between stadium landlords Stirling Council and the club," said the 45-year-old.
"The legal advice I have been given is to withdraw the bid as it would be unwise for me to continue and with regret I advised Mr McKenzie of that yesterday (Thursday)."
Stirling - who lie third in Division Two, eight points behind Alloa Athletic but with three games in hand - in February insisted that they would pay the arrears to the council and would stave off the threat of eviction from Forthbank Stadium.
The club are believed to be £1.5m in debt and have survived two winding-up orders in recent months.
Source: BBC Sport
Source: BBC Sport