Last updated on .From the section Football

Carlisle United finished 20th in League Two this season

Carlisle United's vice president has said that a "billionaire" is interested in investing in the club.

The club was in talks with businessman, Andrew Lapping, over a potential deal but he has now pulled out.

A statement on Carlisle's website external-link on Tuesday said the new potential investor had "expressed a genuine and firm interest in taking the club forward."

Chairman Andrew Jenkins added: "It is our duty to get the best possible deal for the long-term future of the club."

"Therefore, it is essential that we take time to consider this latest development," he said.

The Cumbrians' vice president Andy Bell revealed on his Twitter account external-link that the unnamed billionaire would "work alongside any current local investors".

"This may have come at a bad time but has to be looked into and checked out," he added.

Mr Lapping has not ruled out making another offer to the club if talks with the new investor break down.

"I'm stepping aside to let them get on with it," he said.

"If it fails they know where I am and I will take a view then."