Maidstone chairman Paul Bowden-Brown will stay at the helm after takeover talks with shareholder Oliver Ash failed.

The Stones have revealed that the pair have been in discussions for the past seven weeks.

But Mr Ash, whose RIchmond Participations company are still owed monies they loaned to the club, decided not to make a formal offer for the Stones after an extensive audit of the business.

Mr Bowden-Brown (pictured) said: "I am disappointed as I felt it was time for me to step aisde and allow others to take the club forward.

"I believed I had secured a deal verbally with Mr Ash having agreed the terms of the original offer made to me.

"However, we are where we are and I am now looking at alternatives.

"To this end, I am prepared to write off all my personal loans within the club in an attempt to encourage other interested parties to come forward and discuss with me their possible involvement, which will include the building of a new stadium in Maidstone.

"I have also made the decision to step back and entrust the everyday running of the club to an internal management group that will be named in due course.

"The first priority of this group will be to attempt to secure the much-needed revenue to support the club on and off the field for the next season and beyond.

"By taking this step, it will allow me, along with others, to focus our energies on raising the capital requiredto build the new ground and fulfil the ambition I set."