Public Enemy have lowered the amount of money they are trying to raise to help fund their next album.

Last year, the hip-hop group - consisting of Chuck D, Flavor Flav, Professor Griff and DJ Lord - revealed they had signed a deal with fan investment site Sellaband and had expected their devoted followers to donate $250,000.

However, they have now been forced to Slash expectations to $70,000 after the company went bankrupt in February.

Sellaband said in a statement: "We have learned that the fan-funding model is still not fully developed. As a result, a $250,000 fundraising effort, while possible, will take too long to accomplish.

"We also have reached the conclusion that we will no longer include expenses for sales and marketing in our fundraising budget and goals. So far, Chuck D and cohorts have raised exactly $55,700, that's 74 percent of their goal."

Sellaband was sold in February to new owners based in Munich, Germany. The new chief executive, Michael Bogatzki, said: "We will continue to advance this fantastic platform while acting in the spirit of the Sellaband community and its founders."