But the completion of the deal fell through at the last minute when one of the group's backers pulled out - just a few hours before agreements were due to be signed with Stags' owner Keith Haslam.

However, the takeover offer has not totally collapsed and there is still hope that a deal will go through in the near future to end almost 18 months of ownership uncertainty at Field Mill.

Stags chief executive Stephen Booth – brought in by Mr Haslam in December to find a buyer and run the club after a James Derry consortium takeover offer was rejected - has insisted that all parties involved in takeover talks sign confidentiality agreements.

But Chad believes that some of the group are local businessmen.

Mr Booth has also declined to say whether Friday's failed deal related to just the football club or the Stags and Field Mill - and insists that there is still more than group interested in buying the Stags.

On Saturday he confirmed that the sale of the football club had been 98% completed before the last-minute hitch and did not rule out a quick resolution to the takeover saga.

He told Chad: "There is goodwill on both sides and we had basically reached an agreement that suited both sides.

"We all hoped it would be done, but then one of the group's backers decided that the deal was not for them, for whatever reason.

"But I want to stress that does not mean the deal is dead at all. On the contrary, it is still very much alive and it is a matter now for those who tabled the bid to regroup.

"There are people genuinely interested and we were very, very close to signing a deal. 98% of what needed to be done had been done.

"Really it was just a question of dotting the 'I's and crossing the 'T's when this broke down.

"But just because the deal was not completed on Friday, as we had hoped, does not mean it will not go ahead at all.

"We are still talking to the people concerned. They are still very keen to move forward, dependant on the funds being available.

"It is very disappointing for all concerned, particularly for the bidders. They were devastated by what happened.

"But the fact a deal could not be completed on Friday was not because of anything that Mansfield Town FC did or did not do."

Mr Booth added that he is also talking to other interested parties about a takeover, as well as the group involved in Friday's drama.