The Football League has delayed approval of Plymouth's takeover pending resolution of 'a number of queries'.
The Pilgrims hoped the deal would be agreed at Thursday's meeting, but the FL issued a statement:
'The Football League Board today received an update regarding the proposal from James Brent to take over Plymouth Argyle.
The Board raised a number of queries over the details of the proposal and will continue to work with Mr Brent to resolve the outstanding issues.
The Board will reconsider the matter as soon as the issues have been addressed, which could occur before the next Football League Board meeting.'
The League's board usually only meets once a month, while the club remains under a transfer embargo that sees them have just 17 available players at present due to their inability to cover their current wage bill.