Begbies Traynor administrators have insisted a final decision over the proposed takeover of League One club Wigan Athletic has not yet been made by the Football League board.
The English Football League's governing body said on Friday it was still "not in a position to agree to an application to transfer membership in the EFL to the proposed purchasers", as PA reports.
The body said its requirements had not been met, despite Begbies Traynor having reached an agreement with a preferred Spanish bidder back in September.
A "substantial deposit" has 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.
"We have not as yet had a final decision from the EFL regarding the transfer of the Football Share," a statement from Wigan's joint-administrators on Monday read.
"Both the bidders and ourselves, together with our legal team, have had regular and ongoing discussions with the EFL regarding their requirements.
"The exclusivity agreement with the bidders, which runs out on 11th November, has been extended for a further period to try and ensure that we reach a satisfactory conclusion.
"At this stage, we cannot say when that will be, as matters rest with the EFL.
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"Whilst we fully understand the fans' frustration and the effect generally on the Club, we must adhere to the procedures set down if we are to be successful."
On Friday, the EFL had 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.
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"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's administrators also confirmed the sale of the Sharpy restaurant site had been completed.
The Latics 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.