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Yeovil Town have confirmed that Rob Couhig's proposed takeover of the relegated League Two club is off.

A club statement said it had "not been possible to agree mutually acceptable terms and conditions" so the proposed sale to Couhig's group Feliciana EFL Limited "will not go ahead".

It has also been announced that interim boss Neale Marmon is leaving the club.

A consortium led by former director Andy Rossiter has now made an offer to buy Yeovil, reports 91�ȱ� Points West.

Rossiter's consortium says it has the funds available to complete a deal very quickly and is awaiting a response from the club, whose 16-year stay in the English Football League ended with relegation on 27 April.

Couhig's proposed takeover was confirmed by the Glovers in February. It was understood the American investor would buy 92% of Yeovil Town Holdings Ltd, which owns the football club, Huish Park Stadium and surrounding land.

He has twice stood unsuccessfully for election as mayor of New Orleans and has previously owned the New Orleans Zephyrs baseball team which plays at triple-A level, one rung below Major League Baseball.

Yeovil's statement added: "The club will continue to seek potential investors whilst concentrating on planning to bounce back from relegation.

"The club will now continue the search for a new first-team manager in order to allow for a successful summer of player retention and recruitment."

Marmon took charge following Darren Way's departure in March and it was planned for him to take on the role of sporting director in the summer under the new ownership.