Coakley will not invest in the Fir Park club

BBC Scotland understands Coakley wanted to buy Fir Park and lease it back to the Scottish Premier League club - but they rejected the idea.

A spokesman for Coakley said he withdrew interest after "a detailed due diligence programme" was carried out.

Motherwell owner John Boyle said the club remained in "robust financial health" despite the failure of talks.

Well revealed that they had received a note of interest earlier this month.

Motherwell have ostensibly been up for sale since April 2002, when Boyle brought in administrators.

Coakley's spokesman said: "After expressing interest in acquiring a majority 76% shareholding in the club and engaging in positive initial discussions with the current owners, Mr Coakley's advisors carried out a detailed due diligence programme.

I'm comfortable with the ownership of Motherwell and remain a wholly-committed supporter Motherwell owner John Boyle

"Following the due diligence period, it is with regret that the deal is unable to go ahead and his offer has been withdrawn.

"Mr Coakley's best wishes go to everyone involved at the football club."

Boyle did not believe the takeover proposal was in the best interests of the club.

"Regrettably, we could not reach agreement that met that objective," he said.

"I'm comfortable with the ownership of Motherwell and remain a wholly-committed supporter.

"Indeed, discussions were only opened with Mr Coakley after he indicated that he was keen to improve the club's long-term prospects."

Boyle said the SPL club remained strong financially, adding: "It owns its own stadium, it is one of the few clubs in Scotland that is free of bank debt and has returned a modest profit for the past three years.

"We've had an up-and-down season, but the club is in good financial shape to meet the challenges of next season."