Italian businessman Gianni Paladini has failed to reach an agreement with Bradford City over a planned takeover.
The Bantams first revealed last month that they were in talks with the former Queens Park Rangers chairman.
City agreed an extension to a period of exclusivity for Paladini on 1 May.
But that exclusivity period agreement has now ended without a deal being completed - and joint chairmen Julian Rhodes and Mark Lawn will continue to run the League One club.
|Parkinson still in charge at Valley Parade|
|Bradford City this week rejected an an approach by neighbours Sheffield United to talk to Bantams manager Phil Parkinson, who has been in charge at Valley Parade since August 21011|
Paladini spent eight years at Loftus Road before leaving in November 2011, since when he has also tried to buy Championship club Birmingham City.
FA Cup quarter-finalists Bradford finished the season in seventh in League One under Phil Parkinson, missing out on the play-offs by four points.
Joint chairman Lawn, who along with Rhodes and his father Professor David Rhodes, holds an equal one third stake in the club, told the Bradford Telegraph and Argus: "If people are panicking, they shouldn't be. We've still been preparing for next season as if Julian and I were going to be in charge.
"Phil knows that, he knows his targets and he knows his budget. We have agreed on players for him to look at, so I believe we're going to have a stronger squad than last year with the players we're bringing in."