A pair of New York-based investment managers have pulled out of talks to financially boost Rochdale AFC over "serious internal issues".
Dan Altman and Emre Marcelli, the club’s third and fourth largest shareholders, had been offered directorships at The Dale but turned them down over the issues.
Now the pair have said they will no longer discuss investing further in the club and will instead "consider other opportunities to deploy our expertise and the significant resources of our partnership".
Mr Altman has been working in professional football since 2014 and as the owner of North Yard Analytics, has advised multiple clubs in the Premier League, Major League Soccer, and other competitions around the world.
He is also the creator of smarterscout, an online scouting platform covering more than 50 leagues with advanced player and squad analytics.
Mr Marcelli is a fund manager and credit risk expert and after a lengthy career in consumer finance and capital markets, he opened his own fund in New York.
Mr Altman and Emre Mercelli's statement said: "In February of this year we were offered directorships of Rochdale AFC and were delighted to accept.
"However, within hours of accepting we learned of serious internal issues at the club that we felt had to be resolved by the existing board before we could join.
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"For that reason, we suspended our acceptance of the directorships.
"Since then, the EFL's administrators have approved our directorships, but the aforementioned issues have not been resolved in what we would consider a satisfactory or timely manner.
"As a result, we have decided to step back from our involvement with the club.
"We will continue to hold our shares but will consider other opportunities to deploy our expertise and the significant resources of our partnership.
"We regret that we were not able to find a way forward with Rochdale AFC during roughly two years of discussions with the club's executives and directors.
"We believe that a multi-million-pound investment in a new training group, improved facilities, a sporting director and additional commercial staff would have paid substantial dividends on and off the pitch.
"We hope that the club can move forward under new and progressive leadership once its interim regime has concluded and we will continue to support the club from afar.
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"We will have no further comment except to say, hopefully not for the last time, up the Dale."
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A Rochdale statement said: "While the club respects the rights of shareholders to provide views on the management of the club, we are surprised at the timing and content of Dan and Emre’s statement.
"As our fans will be aware, in a statement issued on 25 th March, the directors apologised to our supporters for the lack of transparency regarding the extension to the first team manager’s contract.
"We note that Dan and Emre have now removed themselves for future investment consideration.
"The board would like to thank them for their interest in RAFC and for providing assistance to the club through the use of their analytical platform. We look forward to their continuing support as shareholders and fans.
"As a board, we are working continuously to secure outside investment for Rochdale AFC and have over the past few months met with several serious investors.
"We have now reached a key stage with a number of highly interested parties who have signed non-disclosure agreements and share the ambition of Rochdale AFC that was presented to Dan and Emre over two years ago, including the development of our own training facility.
"As a board of directors we are committed to discussions with any person that could legitimately provide significant investment to fulfil the ambitions of Rochdale AFC.
"As agreed with the Dale Supporters Trust, further updates on investment propositions will be provided following the board meeting on 19 th April.
"At this time, we call for supporters to unite and focus our attention on our forthcoming home fixtures v Swindon Town and Accrington Stanley."