The controversial former owner of Livingston Football Club has failed in a bid to buy St Mirren.
Italian businessman Angelo Massone was eager to complete a takeover deal for the Buddies but the Paisley Daily Express understands a £1.5million offer has been rejected by club bosses.
Massone sent shockwaves through Scottish football three years ago when his spell in charge at Livingston proved to be a disaster.
He took over at Almondvale in 2008 but it all turned sour within a year of his regime seizing control as the West Lothian club ran up £1million debts and were banished to the Third Division.
Despite this, Massone has been keen to get involved with Scottish football again and he targeted the 52 per cent controlling stake in the Buddies which has been put up for sale by chairman Stewart Gilmour and some of his fellow directors.
The failed bid by the Massone Group is the latest twist in a dramatic battle to win the keys to St Mirren Park.
Earlier this month, the Express exclusively revealed that US-based ex-pat David Wares was fronting a £1.5million bid to buy the Buddies.
And, just days later, St Mirren chiefs announced they had shown the red card to a fan-backed takeover bid led by Irvine-based haulage firm boss Richard Atkinson.
The selling consortium have repeatedly stressed they will only agree to sell their Saints shares when the deal is right for the club.
Last night, when contacted by the Express, Gilmour confirmed that a bid from European investors has been rejected but refused to make any comment about the value of the bid or who was behind it.
He said: I can only confirm that an offer was received but we didnt feel it was the right thing for the club at this moment in time.