Increased Oil Recovery Limited are to remain owners of Hartlepool United after calling off the sale of their majority stake in the League Two club.
Potential owners TMH 2014 Ltd. appeared set to take over Pools in December subject to Football League approval.
Their statement said: "TMH are disappointed with the fact that the Share Purchase Agreement close date could not be extended.
"TMH 2014 Limited had satisfied the Football League approval process."
It continued: "We were looking forward to investing in the future of Hartlepool United Football Club. A lot of time, effort and money has been wasted to achieve very little.
"We wish the manager, the team, the staff and of course the supporters the best of luck for the season."
Hartlepool's own statement said: "Ken Hodcroft remains chairman and Russ Green continues as chief executive officer. The club will not be making any further comments."
Pools appointed Ronnie Moore as their new boss on the same day as the ownership transfer was announced.
At the time the sale of the controlling share and exchange of ownership was announced, any deal was described by the club as being "subject to Football League approval".
However, such ratification was never received from the League, with the situation described to BBC Tees by Hartlepool United as "ongoing" on Wednesday.
Businessman Harris, who set up the TMH 2014 company and registered the business with Companies House 24 hours before the takeover was revealed by Pools, listed his background as being in "construction, nightclubs and investment" at a media launch.
"We want fans to be involved, it's their club, their town," he told BBC Tees on arriving at Victoria Park.
IOR Ltd took control of Pools in 1997 and have been in charge ever since.