The town’s potential ownership of a 150-acre country club have been stymied now that town representatives and golf course owners have withdrawn from negotiations.

Prior negotiations included a $3.2 million sale, with the condition that the town would continue running the facility as a golf course for 10 to 15 years. Country club representatives and town officials decided to end negotiations on March 8.

“Running a golf course without a deficit can be challenging,” said Town Administrator David Cressman. He added that the town also faced timing issues, because the town would have to secure a property manager and gain approval at Town Meeting to move forward with the purchase.

The town had had first dibs on the property — which is assessed at $5.8 million — because the club receives reduced tax rates under a state law classifying the land as open space.

However, the club’s stockholders, who would have had to approve the sale, would have likely declined the town’s $3.2 million offer, said Allendale Country Club President Michael Goulart.

He also said the board wanted to see Allendale maintained as a golf course, but that could only be guaranteed for 10 to 15 years.

As for the future of the struggling facility, Goulart said the Board of Directors hopes to assemble a group of investors to purchase the property, pay off its debts, and continue operation mostly unchanged. The board is also in talks with private buyers.