Mexico's Autonomous University of Guadalajara cancelled the sale of soccer team Estudiantes to a business group from the southern state of Guerrero, team vice president Juan Jose Frangie said.

"The negotiations with the businessmen from Guerrero have ended. The team is staying in Guadalajara, it is remaining the property of the Autonomous University of Guadalajara," Frangie said in a press conference.

Team representatives had contacted businessman Mohamed Morales, who planned to buy the club and move it to Acapulco, a Pacific resort city some 300 kilometers (186 miles) south of Mexico City.

The talks failed to lead to a sale because "the financial and legal interests of the two sides did not coincide," Frangie said.

A sale has been ruled out by the board of directors for now despite the financial problems being experienced by Estudiantes, Frangie said.

The team has money to sign some players to bolster the roster next season, Frangie said.

Club de Futbol Estudiantes, known as "Tecos," faces relegation to a lower division because it has been at the bottom of the standings.

"This is not an easy time because we are playing for relegation. I have confidence that the team and the institution will get this ship moving forward again," Frangie said.

Jose Luis Salgado will continue to coach the team because the most important thing is "for Tecos to get ready to play well next season," the team official said.