The Profitable Group have ended their interest in a takeover of Newcastle, with their commercial director Steve McMahon criticising club owner Mike Ashley for a lack of "communication and response" to their bid.
McMahon's group were among a number of bidders, thought to include consortia from Malaysia and America, attempting to purchase the troubled north-east club following their relegation to the Championship.
The former Liverpool midfielder told the Evening Chronicle: "We have pulled out. How long can you keep hanging on?
"We have put a bid in and we have had no communication, no response - nothing.
"It really is poor form from Newcastle, but if that's the way they want to run their business, good luck to them."
Reports on Tuesday morning suggesting the Profitable Group had never provided proof of funds were rejected by McMahon.
"That is completely inaccurate," he said.
McMahon added: "I just feel sorry for the supporters - they deserve much, much better. They deserve to know what is going on.
"We wanted to come in and turn the club round because it clearly needs something at the minute."