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One Direction star Louis Tomlinson has claimed he was "misled" over his efforts to step in to take over Doncaster Rovers, of whom he has been a lifelong fan.
He said he was "absolutely gutted" that the deal for the League One side appears not to be going ahead, but said he still aims to help the club succeed.
In a message to fans posted online, Tomlinson said he insisted he would not benefit financially from the club if the deal had occurred.
The singer announced last month, after weeks of speculation, that he was teaming up with businessman John Ryan and their takeover was expected to be formalised today.
But efforts to raise enough cash for the deal - through the Crowdfunder.co.uk website - have faltered with only £757,796 of the £2 million target raised by yesterday's deadline from 514 backers.
A statement issued yesterday by the Tomlinson Ryan Trust, established by the pair, said the failure to reach their target meant they were unable to meet the Football League's "fit and proper" test for club ownership.
In a series of posts online, Tomlinson wrote: "I'm absolutely gutted the Doncaster Rovers deal is not going ahead. I am desperate for the club to be given the recognition it deserves.
He and Ryan hosted a press conference last month outlining their plans for the takeover and launching the crowd-funding bid.
Those who have pledged cash will not lose out as they do not have to pay up if a project does not meet its target under Crowdfunder's rules.
A spokesman for the investment site said: "Crowdfunder is an all-or-nothing model. If a project doesn't reach its target, no money is taken from backers."
The Trust's statement yesterday said takeover was in "serious doubt", although it had previously stated that would take place irrespective of the success or failure of its crowd-funding project.
Ryan stepped down as Doncaster chairman in November ending a 15-year association with Rovers. He is understood to have met with Football League representatives this week in a bid to reassure them he and Tomlinson had the finances to run the club.
In interview with BBC Radio Sheffield yesterday he said was sorry the crowd-funding had failed but added: "The real problem is with the Football League. They have made it so difficult now that unless you have a bag full of cash you are going to get turned down."
The Football League has responded to doubt raised over the takeover of Doncaster Rovers by Louis Tomlinson and John Ryan.
The pair's crowdsourcing bid to raise £2million failed yesterday and the TomlinsonRyan Trust said the shortfall brought the takeover into question.
Doncaster Rovers co-owner Louis Tomlinson's crowd sourcing fundraiser has missed its £2million after raising less than half the money.
Fans were asked to pledge money to the club in exchange for membership, branded clothes and collectors' items.
The campaign was led with the slogan, "I need your help to get Doncaster Rovers to the Premier League."
Reacting to the failure in a statement, the Tomlinson Ryan Trust said. "The consequence of this is that the deal to takeover the club is now in serious doubt."
One Direction singer Louis Tomlinson is to charge Doncaster Rovers fans £250 per selfie in a bid to raise funds for the club.
The 22-year-old, who completed a takeover deal of the League One club with cosmetic surgery magnate John Ryan last week, said the pair are hoping to attract £2 million from supporters as part of their crowdfunding project.
The Tomlinson Ryan Trust has announced a series of ideas designed to boost club coffers.
According to the Trust's page, fans who bid £250 or more can "grab a selfie with Louis" before a home game. The price also includes a match ticket.
So far 32 people have taken up the offer, the website said.
One Direction singer Louis Tomlinson is to charge Doncaster Rovers fans £250 for a selfie in a bid to raise funds for the club.
The 22-year-old, who completed a takeover deal of the League One club with cosmetic surgery boss John Ryan last week, said the pair are hoping to attract £2 million from supporters as part of their crowd funding project.
The crowdfunding project set up by Doncaster Rovers new owners, Louis Tomlinson and John Ryan has reached a quarter of its target within 24 hours.
The pair are aiming to raise £2 million to help fund their new venture:
The Tomlinson Ryan Trust's objectives for the club include:
- Achieving Premier League status "by careful promotion, support, finance, and investment via its holding company"
- Building a "high quality" playing squad
- Expanding the club's supporter base in the UK and internationally
- Growing the Doncaster Rovers brand
- Embracing and supporting youth development
In return for pledges of cash, those who give to the crowdfunding campaign will be offered rewards including a place on a new "Club 28" which gives them the chance to have a say in the future of the club.
Other incentives include a range of Club 28 merchandise.
Crowdfunding rules mean money will be returned to donors if the £2 million target is not reached, while rewards are only released if the goal is achieved.
Many of One Direction's teenage fans will not be able to offer their support - donations are only accepted from people who are aged over 18.
One Direction star Louis Tomlinson says he is keen to create opportunities for young people in football as he becomes co-chairman of his boyhood club.
Watch the full press conference with Louis:
Latest ITV News reports
Doncaster manager Paul Dickov has been impressed by Louis Tomlinson's passion for the club and believes the takeover can provide success.
Louis Tomlinson and John Ryan have completed their takeover of Doncaster Rovers