Wigan's hopes of completing a club takeover have been dealt a blow after the English Football League confirmed it was still unable to sanction a proposed deal.
The Latics' administrators Begbies Traynor had been waiting for the EFL's decision after announcing in September that an agreement had been reached with a "preferred bidder from Spain".
A "substantial deposit" had been handed over, but after agreeing to extend the deadline on November 11, the EFL said on Friday that its "requirements have not been satisfied" following further due diligence.
The EFL said: "At its meeting on Thursday, the EFL Board received an update and fully considered the latest position in respect of the ongoing discussions relating to the sale of the assets of Wigan Athletic.
"The EFL has in recent weeks undertaken significant due diligence on the relevant parties in accordance with its Regulations and, based on the information that has been made available, the Board confirmed it was not in a position to agree to an application to transfer membership in the EFL to the proposed purchasers as the League's requirements have not been satisfied.
"The Board reiterated its commitment to working with the Administrators to secure a successful and sustainable future for the Club and will meet with them to discuss the implications of this decision at the earliest opportunity."
Wigan were handed a 12-point deduction by the EFL for entering administration in July and the club were subsequently relegated to Sky Bet League One.
An initial deadline for a sale of August 31 was missed, but the club were given permission by the EFL to start their campaign in the third tier and they are currently bottom of the table, five points adrift of safety.