Egyptian businessman Mohamed El Kashashy and solicitor Chris Farnell have pulled out of a potential deal to buy Burnley.
The pair’s bid was being considered by the Premier League, along with a rival offer from ALK Capital, but there has not yet been any ratification.
It is understood there has been no contact between El Kashashy, Farnell and Burnley chairman Mike Garlick for six weeks.
ALK’s is now the only bid on the table.
Last week, a source told the BBC that the sports investment firm, run by United States-based businessman Alan Pace, wanted a deal finalised in time for Clarets manager Sean Dyche to be active in the January transfer window.
Burnley have been seriously weakened since last summer by releasing out-of-contract players and not replacing them.
However, victory over Wolves in their last Premier League game on Monday lifted them out of the top flight’s relegation zone.