FAYETTEVILLE, Ark. -- The Fayetteville School District is discontinuing talks with a group that earlier this month professed interest in buying the Fayetteville High School Campus.

Fayetteville Stops Talks With Groups Interested In High School Property

Fayetteville school officials said in a statement Wednesday afternoon that "by mutual agreement, the Fayetteville School District and Campus Building Group, LLC, will discontinue all talks and consideration of an option agreement between the two parties for the purchase of the Fayetteville High School property."

The only remaining offer on the table for Fayetteville is the $50 million offer from the University of Arkansas. Initially, Fayetteville offered to sell the property to the university for $59 million, but the university countered with the lower offer.

Now, the school district must decide whether to accept the lower offer, make another counteroffer, or seek other buyers for the property.

Fayetteville wants to build a larger campus in another part of town. A property on Morningside Drive in southeast Fayetteville has been discussed but has not been purchased by the district.

The option agreement with Campus Building Group will be removed from the agenda of the July 24 meeting of the Fayetteville Board of Education, according to the release.