The Pars Community had set Masterton a 10am deadline to respond to an offer but failed to get the information they were looking for from the majority shareholder.
The First Division club now face an increasingly desperate bid for short-term survival as they await a winding-up order from Her Majesty's Revenue and Customs.
A statement from the supporters' group read: "The Pars Community has been unable to receive confirmation today from Mr Gavin Masterton's representative that its final, non-negotiable proposal, made yesterday, was acceptable to Mr Masterton.
"Accordingly, discussions between TPC and Mr Masterton's representative have unfortunately now terminated.
"TPC has worked tirelessly over many months now and is extremely upset at the outcome of its endeavours.
"We now wish the board of the club well as it seeks to find another solution to its present difficulties."
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