George Gillett said on Friday that his relationship with Liverpool co-owner Tom Hicks had broken down.
"This partnership (with Hicks) has been unworkable for some time," Gillett told Toronto radio station Fan590.
He added that selling his stake in the five times European champions to Hicks was now out of the question.
"We were very fair," said Gillett. "We gave our partner a long period of time to try to make arrangements to buy us out.
"We didn't put pressure on him but he ultimately did not get to the finish line.
"In the meantime, because of the things he said, the fans' reaction has been so negative towards him, and towards us if we sold to him, that has now made that an untenable alternative for us."
Americans Gillett and Hicks have been involved in protracted Liverpool takeover talks with Dubai International Capital (DIC).
Earlier this month, Hicks said he had ended talks with DIC in a disagreement over who would run the Premier League club.
Hicks was keen to remain in control while DIC wanted a hand in the day-to-day functioning of Liverpool.
The takeover saga began earlier this year when the partnership between the two American billionaires hit the rocks amid disagreement over the future of team manager Rafa Benitez.
Gillett said it had been a turbulent time for him and his family.
"It has been very difficult for my wife," he said. "We receive many phone calls in the middle of the night threatening our lives, death threats.
"Instead of thinking about selling I might think about buying. The pieces on the chess board are moving."