The planned buyout by a mystery Saudi prince and a British businessman of French Ligue 1 side Nice has fallen through, club president Jean-Pierre Rivere revealed on Friday.

The pair and their partners had been reported to have purchased 49% of the Riviera outfit with their share to eventually rise to 80%.

But Rivere told local daily Nice-Matin that the deal had not materialised, with the new investors failing to confirm by the deadline of February 12.

"To date, the elements have not been confirmed by the new investors which did not allow for the immediate implementation of the policy envisaged by the club and rendered the partnership void. As a result, the parties decided to terminate their agreement," Rivere said.

"I have no regrets but I'll learn from this in the future," he added.

Rivere had announced on January 29 that English businessman Edward Blackmore, the head of the Sports Investment Fund, and a Saudi prince whose identity he was not able to reveal, were interested in buying a stake in the club.

According to Nice Matin, the Saudi royal was Prince Mohammed Bin Abdulrhamann Bin Abdulah Al Faisal.

Rivere added that he had "other contacts for the sale of the club," who are currently third in Ligue 1, 30 points behind Paris Saint-Germain, but well-placed for a spot in the Champions League next season.