Paul Richardson and Maxi Lopez withdrew their offer to buy the club, according to the radio station.
They said in a statement that they failed to change the terms of their original agreement with the current owners.
The two men began talks in July.
They have been left with no other choice.
The club has been owned by a Chinese company for the last two years.
They became their second successive ownership from Asia after buying the club as Trillion Trophy Asia.
A group of people, including Lopez and Richardson, had been talking for four months about buying the club.
Lopez said his group paid a deposit and exchanged contracts to buy a 21% stake. They were already at the club.
The proposed takeover was being investigated by the EFL.
Maxco has decided not to proceed with the purchase of the stadium and shares of BCFC at this time.
We tried to change the terms of the original agreements to reflect our understanding of the current situation, but we couldn't agree on revised terms.
We know what this club means to the community and the fans, so we are bitterly disappointed.
We want BCFC to find a owner who is as passionate about the club as we are.
There is still an investigation going on.
There was no further news regarding a potential takeover.
Lopez and Richardson are interested in buying a stake in the city.
The EFL is waiting for information on the takeover of a city.
The government is being urged to block the sale to Bassini.
Bassini is said to be interested in Blues.
Ian is the new Blues MD.
Blues owners have no intentions of selling.
Blues fans are going to march against their owners.
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