EFL decision 'will help secure Wigan Athletic future' - Lisa Nandy
The EFL met again on Thursday to discuss the merits of the bid, with the information being relayed to the administrators on Friday.
Most of the submission was to the governing body's satisfaction, but there was one element that caused an issue.
That is understood to relate to one individual and the Owners and Directors test.
And the Wigan MP says the EFL's stance is in the best interests of the club.
"This decision will finally allow us to move forwards and secure the long-term future of Wigan Athletic," she tweeted.
"We now need the administrators to open up the process and press ahead with the right solution for Wigan Athletic."
The EFL released their own statement on Friday night to explain their decision.
“At its meeting on Thursday, the EFL Board received an update and fully considered the latest position in respect of the ongoing discussions relating to the sale of the assets of Wigan Athletic," read the EFL statement.
“The EFL has in recent weeks undertaken significant due diligence on the relevant parties in accordance with its Regulations and, based on the information that has been made available, the Board confirmed it was not in a position to agree to an application to transfer membership in the EFL to the proposed purchasers as the League’s requirements have not been satisfied.
“The Board reiterated its commitment to working with the Administrators to secure a successful and sustainable future for the Club and will meet with them to discuss the implications of this decision at the earliest opportunity.”
In the meantime, the exclusivity period will remain while the Spanish decide their next move.
"We don't think this is an insurmountable problem," said administrator Paul Stanley.
"It's up to the Spanish bidders now to tweak their application and come back."
A source close to the bidders has previously confirmed to Wigan Today they would wait 'as long as it takes' for a successful resolution.
Meanwhile, the administrators have confirmed Latics will receive £375,000 from the EFL via the Premier League's ‘rescue package’.
They are also eligible for another solidarity payment from the governing body, which will see them safe into the new year.
Read unlimited Wigan Athletic and Wigan Warriors stories for less than 70p a week by subscribing to our sports package here