The Hornets, who are yet to make an official statement on the development, confirmed earlier this week they had agreed a deal in principle to sell the club to the Pozzo family.
The Italians already own Serie A side Udinese and Spanish team Granada and looked well poised to take the reins at Vicarage Road, with Gianfranco Zola even heavily linked with a prospective role at Vicarage Road.
But Bassini, who bought the npower Championship club 15 months ago, told the Watford Observer: "They don't have the money (I want for the takeover) so I'm not doing the deal.
"They didn't provide the proof of funds and it is not transparent enough so that is that.
"They have so many partners but they don't have the money.
"The deal is definitely off. They do not have the money. What can I do?"
Source: PA
Source: PA