A deal that would have seen National League club Chesterfield bought out by a consortium has been called off.

Owner Dave Allen was expected to be on the verge of selling the club following nine years of involvement with the Spireites.

However, a statement from manager Martin Allen on the club website has confirmed that the takeover will not be happening.

"I cannot tell you how relieved and happy I am after receiving a call from my boss, telling me the takeover is over," the former Barnet boss said.

"If this takeover has had happened, last night [the friendly against Wigan Athletic] would probably have been my last game as your manager.

"I'm sure none of you could ever imagine me working under a director of football, telling me who I can and can't sign and what I should and shouldn't be doing and it would not have suited me one little bit.

"I am a double championship winner and I've moved my family up here with the sole purpose of another championship win."

Chesterfield director Ashley Carson also confirmed that an embargo was placed on player transfers during the takeover talks which has now been lifted.