Erik Barmack has withdrawn his offer to invest in Motherwell FC.
The Wild Sheep Sports chief had made an investment proposal to the club with a shareholder ballot underway to approve or reject the deal.
However, after talks with the Motherwell board, Barmack has pulled out of any deal with the ballot scrapped before any votes have been counted.
The investment deal was withdrawn as the proposal created "significant divisions in the fanbase" with a club statement insisting success could only be achieved with a "unified fanbase".
The Motherwell board have informed the Well Society board of the withdrawn offer with both parties now "fully committed" to working in unison for the benefit of the Fir Park club.
A club statement confirmed: "Erik Barmack (Wild Sheep Sports) has had further discussions with the club Board over the past few days. As a result, Erik has decided to withdraw his offer of investment into Motherwell FC.
"Consequently, the club shareholder ballot will cease with immediate effect and with no counting of the votes cast to date.
"Erik’s intention from the outset has been to play a part in moving the club forward. That can only be achieved with a unified fanbase.
"However, it has become increasingly clear that the discussions around his proposal are creating significant divisions within the fanbase. Such divisions cannot be in the best interests of the club.
"The club Board have informed the Well Society Board of Erik’s decision, and both parties are fully committed to working together for a positive future for Motherwell FC."
