Shahid Khan, the owner of Fullham Football club had proposed to buy Wembley Stadium from the Football Association nearly over a year ago.
Khan had offered to pay £600m for the national stadium, with the FA retaining the Club Wembley hospitality rights. The FA had earlier stated that the proceeds of the sale would go into improving the grassroots football facilities. Last week the FA executives had designed a presentation to the FA council last week.
However, the deal seems to have fallen apart and Khan said he wanted "to do right by everyone in a manner that strengthens the English game and brings people together, not divides them".