Tampa, Florida -- Tampa Bay Lightning owner Jeff Vinik and his business partners have suspended their attempts to buy Channelside Plaza.
The Tampa Port Authority's governing board was notified of the decision on Monday.
"After working diligently and patiently for months on the Channelside project, we have come to the conclusion that a significant legal hurdle, beyond our control, could not be overcome," said Tod Leiweke, Chief Executive Officer of Tampa Bay Sports and Entertainment, which controls the Lightning and the Tampa Bay Times Forum.
Leiweke goes on to say, "We see great potential for the waterfront and other properties in the Channelside District and at this time, we are focusing our energies on some of those spaces."
The group said it will focus on other properties in the Channelside area instead.
Vinik's group was the selected as the preferred bidder to turn around the embattled complex, which has been in foreclosure since 2010.
Channelside Cinemas and two restaurants, Stumps Supper Club and Howl at the Moon shut their doors for good in recent months.