Saab’s owner General Motors considering shutting the brand.

General Motors said Tuesday it was "disappointed" that Swedish sports car maker Koenigsegg terminated a deal to buy its Saab brand.

"We're obviously very disappointed with the decision to pull out of the Saab purchase," GM President and CEO Fritz Henderson said in a statement.

"Many have worked tirelessly over the past several months to create a sustainable plan for the future of Saab by selling the brand and its manufacturing interests to Koenigsegg Group AB"

The American car giant is now considering shutting the brand, a person familiar with the matter told Bloomberg News.

GM’s board will review plans for the Swedish unit at a meeting on Monday.

In August General Motors confirmed it had signed a stock purchase agreement with Koenigsegg Group AB regarding the sale of 100 percent of the shares of Saab Automobile AB.

Although announcing in September that it had teamed up with Beijing Automotive Industry Holding to buy Saab, Koenigsegg still still needed a a 400-million-euro (600-million-dollar) loan from the European Investment Bank and wanted the Swedish government to act as a guarantor.

Swedish media have recently suggested that Saab was short of money to continue its day-to-day operations. Doubts have also flourished among experts and commentators about whether Koenigsegg would have the necessary expertise to run a major car company.

"We regret that after six months of intense and goal-oriented work we have come to the painful and difficult conclusion that we are not going to be able to carry out the acquisition of Saab Automobile," the head of the company, Christian von Koenigsegg, said in a statement.