Fulham owner Shahid Khan has withdrawn his offer to buy Wembley Stadium, the Football Association has confirmed.
Khan - who also owns NFL team Jacksonville Jaguars - had offered £600m for the ground, but the potential deal is now off.
The FA Council was due to vote on the sale on October 24, and senior figures at the FA appeared happy for the deal to go through, with the money to be used on transforming grassroots facilities across the country over the next 20 years.
The potential deal has, however, aroused much debate and, with the FA Council not certain to back the sale, the apparent lack of whole-hearted support from within the game appears to have impacted Khan's decision.
FA Chief Executive Martin Glenn said on Wednesday: "Earlier this year, The FA received an unsolicited official offer from Shahid Khan to buy Wembley Stadium.
"It was a very credible offer and was given very serious consideration.
"Shahid Khan has informed us today that he will be withdrawing his offer to buy the stadium - and we fully respect his decision.
"Mr Khan believed that his offer to buy Wembley Stadium would release funds to help improve community football facilities in England and that it would be well received by all football stakeholders.
"At a recent meeting with Mr Khan he expressed to us that, without stronger support from within the game, his offer is being seen as more divisive than it was anticipated to be, and has decided to withdraw his proposal.
"Wembley Stadium is an iconic venue that is revered around the world and it will continue to thrive under the ownership and direction of the FA."
Khan released a statement, in which he said the deal could possibly be revived at a later date.
He said: "I've been clear publicly, as well as in my correspondence with the FA Council, that it would require a proper partnership, with the full and enthusiastic commitment of all involved, to maximize the benefits to the FA and game of football by way of 100 per cent private ownership of Wembley Stadium.
"At this moment, following last week's FA Council hearing, it appears there is no definitive mandate to sell Wembley and my current proposal, subsequently, would earn the backing of only a slim majority of the FA Council, well short of the conclusive margin that the FA Chairman has required.
"The intent of my efforts was, and is, to do right by everyone in a manner that strengthens the English game and brings people together, not divides them.
"Unfortunately, given where we are today, I've concluded that the outcome of a vote next week would be far from sufficient in expressing the broad support favoured by the FA Chairman to sell Wembley Stadium.
"Until a time when it is evident there is an unmistakable directive from the FA to explore and close a sale, I am respectfully withdrawing my offer to purchase Wembley Stadium.
"I cannot rule out revisiting the opportunity at another time when perhaps the Football Association family is unified in its views on the opportunity."
Khan was willing to agree to a number of conditions on how he would run the national stadium, notably in terms of maintaining it as a venue for all of English football's biggest games.
And The Football Foundation, a charity dedicated to transforming grassroots sport in England, said: "The news that Mr Khan has decided to withdraw his offer to buy Wembley Stadium should come as a huge disappointment to community footballers everywhere.
"Football participation in this country is huge.
"Unfortunately, those who play the game as a sport, simply for the love of doing so and for the health benefits, are having to put up with a stock of community football facilities that is in a shameful state.
"This would have been a once-in-a-lifetime opportunity to make considerable inroads into probably the most pressing issue facing football in this country."