Hartlepool FC has had a second bid to buy Victoria Park rejected by Hartlepool Borough Council.
The Club’s owners IOR, who have invested heavily in the ground over the last thirteen years, have said that they are extremely disappointed by the council’s decision and will fully evaluate all the reasons for the rejection.
A spokesman for the club said: "The initial reaction from IOR and employees at the club is one of extreme disappointment.
"IOR have invested over £12m in to the ground over the last 13 years, in addition to paying annual rent.
"This is the second rejection by the council in recent years and sends the wrong message to the owners and staff."
Commenting on its decision a council spokesman said: "The derisory offer made by the club was less than a tenth of the estimated value of the council's interest in the football ground and represented a gross under-valuation.
"It is important to point out that the council has a legal duty to ensure that it gets best value for the town's taxpayers when selling assets.
"This would not have been the case had we agreed to a sale of Victoria Park and the land to the north on the club's terms.
"Also, in the current difficult economic climate the council is facing severe cuts to its budget and it is important that it maximises its use of assets and income to reduce the impact of these cuts on the local community."