The English Football League hasn't received any information about a possible takeover of the club.
A deal to buy the club was in its final stages and would be completed within days, according to the former owner.
The involvement of West Ham United co-owner and ex-Blues co-owner David Sullivan hasn't materialized.
Bassini has said that Sullivan was involved in the deal.
Bassini told TalkSport on Friday that he would win the league.
He told the radio station that he wouldn't engage with the league because of its dealings with him.
Even if the owner isn't actively running the club, they still have to submit to the test. That has yet to happen.
The EFL wishes to clarify that it is not currently in receipt of documentation from any individual regarding acquisition of control at the club.
The clubs are aware of the requirements.
Their second successive Asian-based ownership has been in place since 2016 and they are currently Chinese owned.
David Sullivan, the Gold brothers and Karren Brady were the owners of Blues for 26 years.
The Golds and Sullivans sold their stake in the club to a Hong Kong-based investor in October of 2009.
After being sentenced to six years in prison on five counts of money-laundering, Yeung handed over the reins of the company to new Chinese owners.
The director of the company that owns the club said in February that they had no intention of selling the club.
Blues have suffered from restricted revenue over the last two years due to the Covid epidemic.
The club banked an amount from the sale of teenager Jude Bellingham in July 2020, a deal that could eventually be worth in excess of 30 million dollars.
The EFL's profitability and sustainable rules were broken when they incurred losses of almost 50m more than the accepted losses.
Blues finished 20th in the Championship last season, their 11th straight season at second-tier level after being demoted from the premier league.
They would have finished lower, but for Derby County's 21-point deduction, if they hadn't won four times from November to December.
Had it not been for Reading's six-point penalty and Derby's six-point penalty, they would have stayed up.
On July 30th, the new Championship season begins.
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