AFC Telford United have rejected an offer from an Irish consortium to become majority shareholder in the National League North club.
The group, led by Irish property developer Anthony McMullen, wanted 51% control of the Shropshire club.
But Telford say that they had concerns over the investment arrangement.
“The club board entered direct discussions with the potential investor from Ireland,” the Shropshire club confirmed in a statement.
“There were a number of phone discussions and we met him face to face on 15 May and 19 May.
“The individual outlined a proposed structure for the club that substantially increased off-the-field operating costs by at least £150,000 per annum.
“There was no indication as to how these additional costs would be financed, given he was unable to finance the purchase of the shares.”