The takeover of Doncaster Rovers by One Direction star Louis Tomlinson is in serious doubt because of funding issues.
Tomlinson and John Ryan had announced a deal to take over the club last month but hoped to fund the deal through a crowd funding scheme.
A statement said to be released by the Tomlinson Ryan Trust said the pair have failed to secure the £2m needed to buy the club.
It means Ryan, who only stepped down as chairman of the club in November failed to pass the Football League's fit and proper person's test' after coming up more than £1m short when the deadline pased.
However, Ryan told BBC Radio Sheffield that the statement was made up and the deal collapsed over a lack of Football League approval.
"The statement is a fabrication," Ryan said. "It is an unauthorised version of the truth."
The "fabricated" statement said: "The Tomlinson Ryan Trust Crowdfunder project has failed to reach the target as set out under the terms of the funding arrangements.
"The result of this will be that all pledges will be cancelled and funds returned to the relevant parties.
"As a result of the funding not being available from Crowdfunder for the DRFC project, John Ryan is unable to meet the requirements of the Football League Fit and Proper test.
"The consequence of this is that the deal to takeover the club is now in serious doubt."
It is understood Ryan, who last November stepped down as Doncaster chairman thus ending a 15-year association with Rovers, met with Football League representatives this week in a bid to reassure them he and Tomlinson had the finances to run the Sky Bet League One club.