Workington reject second takeover bid by Baron Bloom
Workington have rejected a second and final bid from London-based property tycoon Baron Bloom to take over the running of the club.
The 37-year-old said it was a "best and final offer" to purchase the club, but board members voted against the proposal at a meeting on Wednesday.
However, Bloom has since told BBC Sport he is yet to receive an "official response" from Workington.
He also revealed he is in negotiations with another unnamed club.
In accordance with the football club's board obligations, chairman Humphrey Dobie and the directors met to discuss the offer and consider whether the tender be put to the club's shareholders before any takeover could proceed.
"The board had to make sure the offer met the value of the club," Workington reporter John Walsh told BBC Radio Cumbria.
"The [undisclosed] offer was felt to have fallen well short of that value.
"As I understand it though, Baron Bloom, if he wants to pursue this, can contact the shareholders directly and do it that way."
Bloom, the son of property developer Desmond, established himself as a property tycoon alongside his father at the start of the millennium.
He floated Eurocity Properties on the London Stock Exchange prior to leaving the company in April 2002, having acquired properties throughout the United Kingdom during his stint as managing director, although the Blooms were criticised by the company's board following their departure.
However, his rise was temporarily halted by a three-month prison term after he was convicted of indecent assault in January 2003.
On his release, Bloom returned to business by forming property investment advisory practice Citigroup Estates, and in addition is currently chief executive officer at the tailoring industry supplier CA Sperati.
Workington dropped out of the Football League when they failed to get re-election in 1977, and currently lie in the Blue Square Bet North relegation zone.