Nottingham Forest's proposed £50 million takeover from American businessman John Jay Moores has collapsed.
Current owner Fawaz Al-Hasawi's relationship with the fans has massively eroded over his tenure and this news is likely to cause a huge reaction.
Takeover deal is off
After months of talk about a takeover at the club, Al-Hasawi announced on Friday night that he will not be going ahead with the sale to John Jay Moores.
It is a significant turn of events considering the pair were meant to be close to an agreement with an announcement on the takeover 'imminent'.
There has been speculation that John Jay Moores was looking for the £50 million asking price originally agreed, to be reduced as the club was in a far weaker position than on the 22nd December 2016.
This was when a deal for the takeover of the club was first agreed, and a lot has changed for Forest on the pitch since then.
Whether or not this was the reason for the collapse of the takeover is unknown. However, this could be a huge moment in Forest's recent history as a serious battle to remain in the division has just got a whole lot harder.
Forest fans have been left angry and devastated by the news as many of them pinned their hopes for the club on the deal. This hope has now been taken away and the prospect of Al-Hasawi remaining as owner of the club for the foreseeable future will be enough to keep supporters away from The City Ground.
Back to square one?
It is unclear where Al-Hasawi plans to go from here with so many issues on and off the pitch to resolve. It is difficult to see Forest surviving relegation to League 1 under the current regime.
One issue the new owners were planning on changing was in the managerial dugout. Philippe Montanier has been a man under pressure recently with a dismal run of results. This has recently included five consecutive defeats, most recently the 2-0 defeat in the FA Cup at Wigan. The new potential owners had already spoken to Gary Rowett about being manager at the club, this is a move very unlikely to happen now Al-Hasawi is still owner.
The future of many players at the club including Henri Lansbury, Ben Brereton, Matty Cash, Ben Osborn, Michael Mancienne and Britt Assombalonga will now also be in doubt. All of these names have been linked with moves away this window and with Al-Hasawi's history of selling the best players at the club, it would be no surprise to see these players sold.
It is unlikely any money generated from these sales will be reinvested in the squad, as Al-Hasawi appears to be disinterested in spending any more of his money on the club. It could be a very dark couple of years ahead for the club following this news.
Al-Hasawi disappointed at collapse
A statement released from Al-Hasawi on the club's official website read: "It is with great regret and disappointment that the club announces today that, despite much speculation in the media, all negotiations in regard to a partial sale of the club to US owners have come to an end.
"We feel strongly that we have acted in good faith on behalf of the club and its fans and that such a deal as it stands is not in the interests of the long-term future of our club.
"Thank you for your continued support at this difficult time for the club."