Cricket millionaire David Folb will not become the owner of Maidstone United, the club has announced.

A statement released by the club today said talks between current chairman Paul Bowden Brown and Mr Folb had come to an end, stating the Lashings World XI owner “was unable to pursue his interest in purchasing the Ryman Premier Division club”.

Mr Bowden-Brown and Mr Folb have been speaking over the past couple of weeks since the share-holders put the club up for sale.

Mr Folb said: “Unfortunately I was unable to agree on a deal and have reluctantly had to accept I cannot take over the club at this moment in time.

“I have supported Maidstone United for three decades and I would also like to place on record my thanks to Paul Bowden Brown, who acted as a gentleman throughout the negotiations and who I feel conducted himself with the utmost professionalism.

“The economic climate means this is a very difficult time to be running a football club and I have every sympathy for Paul. As he said, buying a football club is not like buying a car.

“It is a very complicated process but I very much hope that another solution can be found to help the club through these difficult times.”

Mr Bowden-Brown conceded the news would come as a disappointment to many, adding: “It would have been good to have had something in place before Christmas but I can reassure everyone that this wasn’t our only iron in the fire and that as one door closes, another opens.

“I would like to thank David for his interest and words of encouragement and support.

“Until such time as a buyer or consortium comes forward, the shareholders will continue to run the club on our revised budgets and the board and executive committee will carry on with the day-to-day tasks, alongside the plans for the new stadium and major fund-raising initiatives for this.”

The club have announced plans for an open meeting on Wednesday January 7, at 7.30pm, at the Orchard Spot in Bearsted to discuss fund-raising ideas for the new stadium at James Whatman Way and take general questions about the club.