Bassini had sought 48 hours on Tuesday to provide the EFL with proof of funds to buy the relegated second-tier club but Bolton said nothing had been presented to the governing body 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," Bolton said on their website. A Football League founder member in 1888, Bolton won the FA Cup three times in the 1920s and in 1958 but have struggled in recent years after relegation from the Premier League in 2012 and face the prospect of being placed into administration.
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