Bologna have announced that a deal with potential American investors has fallen through.
The seven-times Italian champions, promoted back into Serie A for this season, had been in talks with TAG Partners LLC over a possible buy-out.
However, the takeover will not now go ahead after TAG asked for another delay in the transaction.
"We did not take into consideration this new request. We don't agree with it and do not accept it," said current President Alfredo Cazzola on the club's official website.
The club are valued at 18million euros and TAG had been due to acquire 80 per cent in July and the remaining 20 per cent at the end of the season.
The global credit squeeze meant they were unable to raise funds and Cazzola will now stay on as president.
Bologna finished second in Serie B last season to end a three-year spell away from the top flight.
Source: Sky Sports