The Swede was intending to invest in the Morfa Stadium project but has pulled out, citing criticism from fans on the internet as the reason.

Successful-businessman Eklund says he will continue to support the club and hopes that a new backer can be found.

In a statement addressed to Swansea fans he wrote: "I did this because I wanted to support the club and I tried to find a business solution with capacity to support the club over a longer period of time.

Now I know that you do not want me at the Morfa and I would never go against the fans so I pull out Bo Eklund

"What I did not realise was that I would get the fans against me. A lot of untruthful rumours have been spread about me.

"I have been labelled as 'someone who does anything for profit only', accused of not thinking of the club but of money and fame and I have been compared with people I do not know but who obviously have deserved a bad reputation in Swansea.

"Now I know that you do not want me at the Morfa and I would never go against the fans so I pull out.

"I can only say that I have never met this kind of behaviour on the North Bank where I found a lot of friends and I am still a very honest supporter of the club."

Phil Sumbler, the webmaster for the Jack Army website, says that fans are suspicious of any potential backers who cite the realisation of the Morfa project as a clause for their backing of Swansea City.