A proposal to take Dumbarton out of administration and pay their creditors in full has collapsed.
However, "other credible parties" remain interested in taking over the club, which has been relegated to Scottish League 2.
On 15 April, administrators Quantuma announced a deal with Oxford-based Gareth Phillips that would wipe out the club's debt, with working capital made available for next season.
Now they say that Phillips has withdrawn his offer due to ill-health.
In a brief statement, Quantuma go on to say: "We are fortunate to be in a position where we have other credible parties who had expressed an interest in acquiring the club out of administration.
"We have already engaged with these parties and will provide a further update as soon as we are able to do so."
With one game of the season remaining, Dumbarton are 16 points adrift at the foot of League 1.
The Sons were placed into administration and docked 15 points by the Scottish Professional Football League in November after years of financial turmoil.
On being appointed administrator, Quantuma said insolvency was the result of non-receipt of "significant" funds owed from the sale of land in 2021.