MILAN, July 16 (Reuters) - Promoted Bologna will go into the new Serie A season without fresh investment after a deal to be bought by an American firm fell through, the club said on Wednesday.
The seven-times Italian champions said on their website that the deal would not go ahead after TAG Partners LLC asked for another delay in the transaction.
'We did not take into consideration this new request. We don't agree with it and do not accept it,' said president Alfredo Cazzola, who will now stay in charge.
The deal fell through as TAG failed to raise the funds needed, a financial source close to the situation told Reuters.
The global credit squeeze is hurting soccer deals as funds are not as easily accessible as before.
TAG had been due to acquire 100 percent of the club, valued at 18 million euros ($28.6 million).
The company, which was planning to invest at least 20 million euros, was meant to buy 80 percent in July and take the remaining 20 percent at the end of next season.
Bologna finished second in Serie B last month to end a three-year spell away from the top flight. They last won the Serie A title in 1964.
Top Italian side AS Roma were being eyed by billionaire U.S.-based financier George Soros last season but a deal was never struck.
Spain's Getafe, a similar size to Bologna, have been looking for a buyer but no transactions have materialised in the current economic climate.