Carlisle United tonight announced "long-standing talks" with a potential overseas investor have now ended - 650 days after the original approach.

In a joint club and Carlisle United Official Supporters' Club (CUOSC) statement, the Carlisle owners say they decided the proposal "did not present a way forward they could support", despite an investment proposal and then an offer being submitted.

The identity of the potential overseas investor, described as a "billionaire" early in the saga, was not revealed in the statement.

This is despite chairman Andrew Jenkins promising to reveal who the mystery person was at the end of the saga.

But the club say legal issues are preventing them from doing so at this stage.

The statement said: “The discussions started 20 months ago and were somewhat intermittent for the most part.

“Since June last year, talks have progressed to a series of face-to-face meetings and, just over three months ago, an investment proposal was submitted following a visit to Brunton Park by the potential overseas investor.

“This was considered closely and carefully. It was followed up by a written offer to invest in the club, which included a funding proposal.

“Although there has been some movement, it was felt by the shareholders that these proposals did not present a way forward they could support and, just as crucially, the proposals were unlikely to gain the support of CUOSC members, or the club’s fans more generally.”

It has become a situation that has proved divisive among many Carlisle fans.

“The club understands that the prolonged period of time these discussions have taken has not been what anyone would have wanted,” the statement added.

“Throughout, the shareholders have sought to allow sufficient time and every opportunity for credible proposals to come forward, to be properly and diligently reviewed and for a deal to be done, if possible.

“This process has now run its course and we have drawn a line, and we are now looking forward.”

The statement adds a “desire” to see new investment into the club also “remains unchanged.”

Ahead of last Saturday’s 3-0 home defeat at the hands of Portsmouth, United chief executive Nigel Clibbens said the club would this week “once and for all” confirm the fate of talks with the mystery foreign investor.

And tonight's statement appeared to start to bring an end to the saga, which started on May 19, 2015.

The statement concluded: “We will now push on, together with CUOSC representatives, to finalise an updated shareholder agreement which will bring all parties closer together, while helping to facilitate the new investment everyone connected with the club wants to see.”