Following weeks of mud throwing between current owner Ken Anderson and Mr Bassini the deal is off.
The club confirmed the news in a statement last night and the future of the club is uncertain with many predicting that it will be placed into administration.
Mr Bassini held a meeting with the EFL on Tuesday and was meant to hold further talks last night but that appears to have not happened and as a result the club have pulled the deal.
The statement from Bolton Wanderers is below.
"Following the request from Mr Bassini to allow him a further 48 hours to complete his funding package and present this to the EFL, we can now confirm that no subsequent meeting took place and nothing further has been presented for the board of the EFL to consider.
Given the urgency of the situation, which has been expressed to Mr Bassini, we now consider his approach for the club at an end and no further discussions will be entered into on the matter with him. We thank him for his efforts on behalf of the club and wish him well with any future interests to return to football following his previous brief spell at Watford.
The club would not wish to get into detail in respect of a number of comments attributed to Mr Bassini; however, we would like to confirm that despite repeated offers to allow his professional advisors to carry out due diligence in the club's data room this work has never been undertaken so we are at a loss as to understand the comments regarding additional debt that he claimed to have discovered. We can only assume the ongoing cash flow requirements for the next two seasons as required by the EFL for all potential acquirers of a club are what Mr Bassini refers to when talking about ‘additional debt’.
The potential issues the club faces following notification from the EFL are purely due to the Chairman allowing time for Mr Bassini to complete his takeover of the club. In hindsight this has not been helpful but we are sure supporters will understand his desire to give the possibility of a solvent deal every chance of success. We will work with the EFL to answer the questions they have raised surrounding recent events.
Ken Anderson will now consult with his professional advisors and consider the best course of action as a matter of urgency."