Sage calls off LFE deal

Perth Glory chairman Tony Sage will not pursue a sale of the majority shareholding of the club to the London Football Exchange (LFE), Football Federation Australia (FFA) has confirmed in a statement today.

Sage has spent parts of the last two weeks in London and Zurich in an attempt to negotiate a deal with the cryptocurrency group, with up to 80% of the club set to be sold to LFE according to reports.

But in a statement, the FFA confirmed talks between the parties had ceased.

'Football Federation Australia (FFA) today confirmed that the potential sale of a majority shareholding of Perth Glory FC to the London Football Exchange will not be pursued by the owner Tony Sage.' the statement read.

'On Thursday 13th February, Tony advised FFA that he had received unsolicited interest from a potential buyer being the London Football Exchange and would be travelling to London to work with his lawyers to organise a due diligence process.'

'At no stage did Tony Sage request FFA to review any request for a sale.'

'Last night, Tony officially advised the FFA head of Leagues, Greg O'Rourke, that following a due diligence process the transaction will not be pursued.'

A statement from Sage is expected today.

IMAGE: Fox Sports.