The consortium, which includes chairman Stewart Gilmour, have turned down a revised £1.25 million bid for their combined 52 per cent shareholding. The 10,000 Hours community interest company had pledges of financial backing from more than 1,000 supporters.
A statement on the club's official website read: "After numerous proposals the consortium of majority shareholders in St Mirren Football Club Limited has decided that in the best interests of SMFC they are unable to accept the final offer from the 10,000 Hours group."
It continued: "The longer this went on and with the numerous changes that were made to the proposals it appeared that most of the 10,000 Hours' major backers seemed to be having doubts about the concept.
"It became clear that it appeared to be becoming more difficult for the 10,000 Hours board to come up with an appropriate offer which would have given confidence to the selling consortium that their proposals were sustainable.
"The consortium have always stressed and continue to stress that they will do their utmost to make sure that it is the right people who buy their shares in SMFC.
"There has been press speculation with regard to other parties' interest in the shares and at this point the consortium would like to clarify that they have spoken to many different parties, but up until now none has come up with an appropriate offer which satisfies the consortium's criteria.
"The consortium's shares will continue to be available to the right person but until that happens they will continue to work with the rest of the board in the best interests of SMFC."
The fans' co-operative last week announced they were set to re-submit their bid after being asked to review two clauses.