Howard Wilkinson says a proposed £30million investment in Sheffield Wednesday has collapsed.
Former Owls manager Wilko, 65, is working with the club again as a consultant at boardroom level.
He had drawn up plans to spend money from a group of new investors.
Chairman Lee Strafford was confident the deal would erase the club's £26m debt, but ex-FA technical director Wilkinson (below) admits it is no longer feasible. "Those investors pulled out because Football League rules preclude them from also investing anywhere else," he said.
"They liked the business plan but didn't want their hands tied." The news will also hit Chesterfield as ex-Owls chief Dave Allen planned to put £4m into the League Two club, but only if Wednesday repaid a £2.1m loan..
Former Owls manager Wilko, 65, is working with the club again as a consultant at boardroom level.
He had drawn up plans to spend money from a group of new investors.
Chairman Lee Strafford was confident the deal would erase the club's £26m debt, but ex-FA technical director Wilkinson (below) admits it is no longer feasible. "Those investors pulled out because Football League rules preclude them from also investing anywhere else," he said.
"They liked the business plan but didn't want their hands tied." The news will also hit Chesterfield as ex-Owls chief Dave Allen planned to put £4m into the League Two club, but only if Wednesday repaid a £2.1m loan..