Bristol Rovers have announced that Mike Turl and Kevin Spencer have stepped down from the board of directors.
Turl has since claimed that his plans to make a "substantial investment" in the club were rejected.
"I was never given the chance to explain my proposals before the full board," he told the Evening Post.
However, Rovers said in a statement that they have "covered the financial commitment made by Turl, but without the stringent conditions attached".