Chinese firm Lander Sports has abandoned plans for a multimillion pound investment into Southampton.

The company had been in talks with Saints owner Katharina Liebherr for more than a year over a proposed deal that would see them pay £210m for a majority stake in the Premier League side.

In a statement issued to the stock exchange on Monday, Lander confirmed that it had ended the talks for reasons of "prudence".

"Whether the company can eventually complete the acquisition of the target firm's shares remains uncertain," it read.

"To keep to principle of prudence, ensure the company's development remains normal and to safeguard the majority of investors' interests, the company has decided to end this major asset restructuring."

Liebherr is said to have a relaxed attitude towards the situation and will only accept a deal if the price is right.