Lake Shore Board Reviews Bid

October 30, 2013 Updated Oct 30, 2013 at 6:12 AM EDT

By Rachel Elzufon

October 30, 2013 Updated Oct 30, 2013 at 6:12 AM EDT

Fredonia, NY (WKBW) - A potential buyer and health board failed to make a late-night deal to keep a Chautauqua County hospital up and running.

The Lake Shore Health Care Center's board met for a marathon meeting on Tuesday night at SUNY Fredonia. They walked away without signing anything.

Silver Creek businessman Tony Borrello has come forward as the interested buyer of Lake Shore Health Care Center, putting $11 million to $15 million on the table.

However, the board is not ready to sign anything just yet.

Christopher Lanski, the board chairman, said that they "had a lot of very valuable discussion and we are going to continue to look at all offers, do our due diligence, and we'll keep you updated as things change."

Nearby residents say the hospital is critical for local patients who cannot drive the distance to other Erie and Chautauqua County hospitals.

More than 450 people work at the facility.

Unless a contract is signed, the hospital is scheduled to close on January 31st.