Blackpool owner Owen Oyston says former director Valeri Belokon has refused his offer to take over the League One club.
Oyston previously offered his controlling shares to the Latvian for £5m in August to offset them against debts owed to the businessman.
The Oyston family were ordered at the High Court to buy Belokon out for £31.27m in November 2017.
On Wednesday, Oyston was issued with a penal notice by a judge to pay the remaining £25m he owes Belokon.
A statement released through the Oyston Group of companies on Blackpool's website on Friday claimed Belokon, who resigned as a director of the Tangerines in August 2017, is to blame for the delay.
"It is a serious concern that the legal representatives of Valeri Belokon have refused to provide a settlement agreement so that Owen Oyston can discharge the judgment debt," it said.
"It would appear that Valeri, who is ignoring all overtures on this front, would rather proceed with further court actions rather than facilitate the payment of the judgment debt."
Mr Belokon, whose shares in the club are owned by his company VB Football Assets, has yet to respond to the Oyston family's claims.
Blackpool are currently 10th in League One, three points off the play-off places and travel to Arsenal in the fourth round of the Carabao Cup on Wednesday.