VAUGHAN PROMOTIONS, the company owned by Chester City chairman Stephen Vaughan, have sensationally withdrawn their multi-million pound offer to buy Tranmere Rovers.
In a development late last night, they declared: "Enough is enough."
David Burford, a director of Vaughan Promotions spoke to the Daily Post following a company board meeting yesterday, saying: "We have been exasperated by what we consider to be the moving of the goalposts.
"We have bent over backwards to accommodate these changes during the long negotiating period but in our meeting we unanimously agreed that enough is enough, and we have written to (Tranmere chairman) Lorraine Rogers informing her of our decision."
The Daily Post has acquired a copy of Stephen Vaughan's letter to Rogers in which Vaughan reaffirms his revised plan to stay at Prenton Park, as we revealed yesterday. It reads: "I requested on January 13 to be given access to the management accounts for the year ending June 2002 and for the period July to December 2002.
"Earlier this week we also confirmed to you that we are in a position to complete within 28 days. I have become increasingly concerned at the lack of response to our improved bid, especially given that, according to your letter, we are now expected to potentially wait until April for an answer. I am also very disappointed that Peter Johnson still considers it unnecessary to discuss our proposal personally.
"As a direct result of the continued lack of progress or being afforded the courtesy of a meeting with Peter Johnson, I hereby give notice that our offer is formally withdrawn in its entirety with immediate effect.
"At the behest of Tranmere I have, in recent weeks, declined to be drawn into any further media discussion regarding our discussions, potentially jeopardising other business interests in the process.
"It is apparent to me that our bid is nothing more than a safety net should the alternatives fail to materialise. I am, therefore, no longer willing to comprise either myself, or my company any further."
Vaughan's decision appears to clear the way for the consortium of the Tranmere Rovers Supporters Trust and Weston Spirit, who have requested three months to complete a feasibility study and review the club's financial status.
Ms Rogers has consistently denied any interest in taking over the club herself and no other bidders have revealed their hand publicly.