Supporters' trust TEAM Mansfield has pulled out of a proposed bid for the Stags.
The trust will not be making a bid because it claims the value of the club is far less than chairman Keith Haslam wants to sell it for.
The trust had been given an extended deadline to 1pm yesterday to put in a bid after the initial 21-day deadline ended on Friday.
Haslam has never said how much he wants for the club and TEAM Mansfield was made to sign confidentiality agreements when it was given financial information about the club.
But the Evening Post understands TEAM Mansfield may have been able to bid for the supposed value of the club, thought to be around £2m, after raising more than £100,000 in pledges and approaching banks and investors for the rest of the cash.
However, Haslam is thought to want at least £4m.
The bid on the table by Andy Perry, owner of shirt sponsor Perry Electricals, is thought to be between £2m and £4m.
A TEAM Mansfield spokesman said: "Following meetings with their financial advisers, TEAM Mansfield has been advised by them that, based upon the limited financial information available, the true value of the club is far less than Mr Haslam would be willing to accept and is significantly lower than the current bid that has already been put on the table by Andy Perry.
"TEAM Mansfield will therefore not be submitting a formal bid for the club at this stage as it is clear that Mr Haslam's desired selling price is way in excess of any realistic valuation and TEAM Mansfield will not pay vastly over the odds for the club as the financing of such an offer could jeopardise its future."
Trust joint chairman Colin Dobell added: "The long-suffering Stags fans can feel proud that their voices have been heard and progress has been made."
Meanwhile, plans for a centre of excellence and training base for Mansfield Town has been given the final go-ahead by councillors.
Ashfield District Council's planning committee has agreed the final parts of the plans for the facility on green belt land off Beck Lane in Skegby.
Planning permission was originally granted in 2002. But now the 106 Agreement on the application which guarantees certain requirements, including the facility being available for community use for at least 20 hours a week, has finally been accepted.
Haslam said: "As well as providing a base for the club, which we have never had before, it will also be a base for the community."
But many fans are questioning where the money is coming from - the scheme could cost up to £7m.
Haslam was also tight-lipped on the schedule of the project, which would include outdoor pitches, floodlights, a gymnasium, therapy pool, offices, accommodation for football students, a running track and car parking.
He said: "I don't want to pin any schedule down which we may not be able to keep. There has been a lot of red tape and discussions."
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