WSJ is reporting that Sprint (NYSE: S) Nextel Corp. rejected a $5 billion investment that would have meant the return of former chairman Tim Donahue. Citing “people familiar with the matter,” the Journal said Providence Equity, SK Telecom (NYSE: SKM) and Donahue told the Sprint board before Thanksgiving that the investment consortium would invest $5 billion in securities convertible into equity if Donahue, who was CEO of Nextel at the time of the merger, was appointed CEO. He proposed filling the gap left by Gary Forsee, who resigned under pressure last month, and bringing in a team of his own to manage marketing and operations.

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Not too surprisingly given the company’s performance when he was chairman and some ill will towards the Nextel team, the Journal reports that there was “significant resistance” by the Sprint board.