Leeds United chairman Andrea Radrizzani has reluctantly called off his potential investment in Italian Serie B side Bari.
Radrizzani has been looking at taking a 35 per cent shareholding in Bari, along with businessman Ferdinando Napoli, who would also take 35 per cent, leaving the remaining 30 per cent in the hands of the current president Cosmo Antonio Giancaspro.
Bari need to find €3m by this evening to make sure of their place in Serie B for the forthcoming campaign.
The city's mayor has been trying to broker a deal, but Radrizzani insists his investment will not now go ahead as there is just not the time available to conduct the due diligence which would be needed before sinking his cash into Bari.
He issued a statement, carried by Sky Italia, which read: "In recent days we have carefully assessed the possibility of investing in AS Bari together with local partners and investors.
"Unfortunately, the limited time available to perform detailed and in-depth due diligence consistent with an operation with a high risk profile forces us to reluctantly abandon this idea and challenge.
"We hope that the club can be saved and we remain available to evaluate future collaborations and investments", the statement added.
Bari now continue in their race against time to raise investment, but will be heartened by Radrizzani's hint that he could return to the negotiating table at a later date.
Radrizzani becoming a part owner of Bari would have raised the possibility of co-operation between the Italian club and Leeds.
It remains to be seen if Bari, who finished seventh in Serie B last term, can avoid slipping into bankruptcy.
