Singapore businessman Peter Lim has officially withdrawn his takeover bid for Liverpool.
Lim returned with a new and improved £320million offer for the Anfield club on the eve of the High Court case which current owners Tom Hicks and George Gillett hoped would prevent the proposed sale to New England Sports Ventures.
The High Court ruled in favour of a sale to the owners of the Boston Red Sox but the deal has now been placed on ice following a fresh injunction from Hicks and Gillett which has delayed the process.
Lim, who is reportedly worth £1billion, was hoping his alternative offer would be more attractive to the board.
However, he has now admitted defeat and appears to have cleared the way for NESV to complete their purchase, subject to the latest court hearings.
"It has become clear to me that the board is intent on selling the club to New England Sports Ventures (NESV) to the exclusion of all other parties, regardless of the merits of their bids," Lim said in a statement.
"In these circumstances, I am not able to proceed with my intention to acquire the club."