Bury Football Club has fought a number of winding-up petitions this year and last month was kicked out of the Football League after it was unable to pay players and staff.
The club was set to contest the most recent winding-up petition from the Revenue until its potential buyer pulled out.
"The interested party who has been working with Forever Bury on a proposed bid to buy the club has confirmed this is no longer a viable prospect for them,” said a club statement.
"As matters have unfolded and the necessary due diligence has been undertaken, the complex, complicated and financially distressed situation at Bury Football Club has resulted in their decision to stand back from further discussions."
Local MP James Frith, who has led the campaign to save the club, said that no matter what happened in London on Wednesday, it would "rise again".
"We keep the faith and keep going,” he added.