The Toronto Investment Group (TIG) have issued a statement saying that they have withdrawn their investment proposal to complete a takeover at Irish League club Cliftonville.

Cliftonville members had voted overwhelmingly at an extraordinary general meeting in April in favour of accepting a takeover proposal from the Canadian consortium but the move has been hit by a series of delays, with negotiations seemingly having stalled and friction arising within the north Belfast club.

It was hoped the TIG takeover could see the Irish Premiership side move to a full-time model in the future and make improvements to their Solitude ground.

The statement released by the TIG on Monday said they were withdrawing their proposal “with heavy hearts” and “with immediate effect”.

“This is a very difficult decision we feel compelled to have to take directly resulting from circumstances beyond our control,” the statement read.

“We would like to wish Cliftonville Football Club every success in the future. We continue to believe, that with the right approach, trust and people in place, a welcomed investment opportunity would permit limitless potential for Cliftonville over the coming years,” it added.

Cliftonville FC has been contacted for comment.