The joint administrators of Wigan Athletic say they will negotiate with other parties after talks with their preferred bidder broke down.
Wigan were relegated from the Championship on Wednesday after their 12-point deduction was applied.
Administrator Gerald Krasner had given the buyer until 12:00 BST on Thursday to sign a letter confirming their lawyers hold funds to buy the club.
Discussions will now take place with five parties who bid to buy the club.
The joint administrators said in a statement that they will proceed “with a view to progressing a sale over the course of the weekend”.
The statement added: “Until either the bidder themselves, or the Football League (EFL), elects to announce the identity of the party that is now in exclusive process to acquire the club and its assets, that will remain confidential.”
Meanwhile, the club’s appeal against their deduction will take place on 31 July.
The Latics’ appeal will cost between £400,000 and £500,000 because the club must also pay the English Football League’s fees, according to Krasner.
Earlier in July, Wigan Warriors rugby league club expressed their interest in buying the Latics.
One player has already been sold by the club so that they can pay wages on time this week, with more expected to leave while they wait for a deal to be agreed.