AngloGold Ashanti, owners of Ghanaian Premier League side AshantiGold Football Club, have severed ties with the British-based consortium Fortia over the management of the club.
Fortia in September last year announced their take-over of the Obuasi-based club and promised to transform the club.
AshGold last won the league in 1996 and were losing finalists to Raja Casablanca in the Caf Champions League the following year.
A statement on Friday read: "AngloGold Ashanti wishes to confirm that it has mutually agreed with Fortia Limited to discontinue talks on a possible take over of AshGold Football Club."
The club's board of directors have set-up an eight-man interim management committee to take over the running and direction of the club.
Fortia was led by former Asante Kotoko chairman Herbert Mensah and had invited the world's most influential agent Pini Zahavi to the country to help revive the team's soccer academy.
AshGold have struggled this term and are at the foot of the Glo Premier League table after 10 matches.
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