German online gambling operator Mybet has announced its intention to file for insolvency after failing to come to terms with a would-be financial savior.

On Tuesday, Mybet issued a statement indicating that its board of directors was preparing an application to open insolvency proceedings after talks with a strategic investor failed to produce an agreement. The company expects to file its application on Friday.

In July, Mybet announced that it planned to sell its customer-facing online gambling operations to an unidentified strategic investor so that the company could focus on its B2B business. Mybet said Tuesday that these talks had “closed” due to “conditions set by the investors which could not be fulfilled.”

Added pressure came after the Frankfurt am Main II Tax Office rejected Mybet’s application for provisional suspension or stay of enforcement filed by the group’s Malta-based offshoot Personal Exchange International. The rejection of this application left Mybet with €4m in sports betting taxes in arrears, an obligation that left the company facing “imminent illiquidity.”