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The Meruelo Group's purchase of an Atlantic City casino is on hold, the Downey-based holding company announced Friday.
The Meruelo Group announced in February that it had agreed to buy the Trump Plaza Hotel and Casino for $20 million.
However, reports began circulating earlier this month that Carl Icahn, the billionaire investor who holds the mortgage on Trump Plaza, objected to the sale price, reported the Press of Atlantic City.
If the sale goes through, it will reportedly be the lowest price ever paid for an Atlantic City casino.
"We are disappointed to announce that our acquisition of the Trump Plaza cannot be completed as planned at this time because Trump Entertainment has been unable to obtain a release of the mortgage held by their senior secured lender," the Meruelo Group said in a statement.
"We remain fully committed to acquiring the Plaza, and are focused on becoming a part of the Atlantic City community, and being a part of the renewal of this great property for the benefit of the Plaza's employees and customers, and the greater community"
In 2012, the Meruelo Group reached a preliminary deal to acquire the NBA's Atlanta Hawks but that transaction never materialized.