Claudio Sabatini has stalled in his efforts to buy Bologna because the club's former owner Sergio Porcedda has yet to make the accounts available for due diligence.
The 52-year-old who also saved the city's local basketball club Virtus from bankruptcy has already put together a package worth €3m to pay the players' outstanding wages.
He had been in talks with Bologna's chief executive Silvino Marras, but until Porcedda formally releases the figures, no progress can be made.
"Marras has not been able to produce the due diligence for me as elaborated by Intermedia with all the official numbers, because he lacks the authorisation of the owner," Sabatini explained.
"We can't do it all on Marras' memory."
La Gazzetta dello Sport understands that Sabatini is receiving legal advice from one of Udinese's lawyers who is an expert in this field and was involved in Napoli's reconstruction.
"I have put forward my own basketball club as a guarantee to recover the €3m that is needed to pay the players' wages.
"I am going forward with my plan, but I am ready to collaborate with the Menarini family. I don't respect Giovanni Consorte, but if he manages to save Bologna well done to him."
See the latest Serie A predictions and betting tips with Eurotips.co.uk