Liverpool’s third largest shareholder Steve Morgan today withdrew his offer of a £70m (€101m) cash injection.
Morgan’s lawyer said the lifelong Reds fan had “lost patience” with the club’s current board over their failure to strike a deal.
The multi-millionaire property developer has made four bids for boardroom influence at Anfield and had pleaded at the club’s annual general meeting earlier this month for a chance.
But Morgan walked away with Liverpool rejecting his accusations that they were using him as a “stalking horse” to attract other bids.
Morgan’s lawyer Vincent Fairclough told the Liverpool Echo: “Steve has finally lost patience with the Liverpool board using his offer as a stopgap while they scour the world looking for a better one.
“He is no longer prepared to be used as as stalking horse.
“Although Mr Morgan’s earlier offers were to invest all £70m directly into the club this was not acceptable to the chairman.
“At the AGM, chairman David Moores said it was ‘maybe time’ to accept the offer. However, he and the Liverpool board have since failed to respond, either positively or negatively.
“Steve has had enough. He has got other things to do with his life.”
Moores had appeared close to breaking point at the AGM when a majority of the audience supported a plea from Morgan’s wife, Didi, for a deal to be struck.
Moores said he would consider his own future and appeared to value Morgan’s interest.
However the official club line all along has concerned the suitability or otherwise of Morgan’s bid when placed alongside other reported interest.
One unnamed American consortium are believed to have expressed firm interest, with the club publicly indicating that they have had other options notwithstanding Morgan’s interest.
Chief executive Rick Parry confirmed: “We have received a potentially exciting expression of interest which may or may not lead to a firm proposal.
“We feel duty-bound to explore this fully. We made it clear this interest came late in the day.
“While no-one wants this to drag on we feel we have to consider all options in a considered way.”