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."
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
John Ryan talks exclusively to ITV Calendar about the Doncaster Rovers takeover