The proposed takeover of Wigan Athletic by a Spanish bidder looks to be off after the bid was reportedly lowered at the 11th hour by "almost 50%".
On Tuesday, joint administrators for the League One club issued a statement to say they had broken off negotiations with the individual, despite a sale contract having been agreed before Christmas.
A statement from the administrators said a new letter was received this weekend from the bidder - reducing the amount by almost 50%.
According to Begbies Traynor, that would mean the club would be unable to pay non-football creditors the required 25p in the pound to avoid further sanctions, resulting in a 15-point deduction - effectively relegating them to League Two.
A spokesman for Begbies Traynor said: "The purchaser was insistent on offering the reduced price but was not prepared to conclude the deal unless the 15 point deduction was waived.
"Under the EFL insolvency policy, this is not possible and the deal is therefore unable to be concluded.
"We have informed the EFL and are now starting to talk to other bidders who have expressed interest and will provide an update when there is any definite news."
According to Begbies Traynor, on Christmas Eve, the bidder said they wanted to complete the deal "immediately" and had wired money from Spain to their UK solicitors.
The firm said the sale contract had been agreed and documentation was signed for the leases with the council for the DW Stadium, and local college for the training ground - with completion planned to take place in between Christmas and New Year.
The League One club fell into administration last year after falling into financial difficulties.
The saga over the sale raged on and on, with the initial offer from the Spanish bidder having been received back in September.
