Victorian Premier League side have pulled out of negotiations.
Melbourne Heart have rejected a $7 million bid from South Melbourne FC to purchase their A-League license.
The Victorian Premier League’s are actively seeking entry into Australia’s elite division but after seeing their initial offer of $4m was turned down and a second approach also declined they have decided to withdraw from negotiations.
And it was revealed to club members on Tuesday night that their latest mission to secure a place in the top-flight had come to an abrupt end.
“We feel (Heart) think we’ve got more money to give them but we’re withdrawing the offer,” a member told au.fourfourtwo.com. “There’s not another cent on top of that.”
Discussions are said to ground to a halt three weeks ago meaning it is the third time the Swans have been foiled in their ambitions after attempting to take a stake in cash-strapped champions Central Coast Mariners was dashed by ownership restructure at the Bluetongue Stadium.
Despite averaging crowds of just over 8,000 at the 30,000 capacity AAMI Park, Heart aren’t willing to relinquish their license for anything less than $9m after creating a successful brand and it’s thought that caused the break down meaning the former National Soccer League giants will have to explore new options.