The club's administrators announced they had ended negotiations with the bidder on Tuesday morning.
They said in a statement that the bid had been reduced by almost 50% over the weekend and proceeding with it would have resulted in a 15-point deduction for the League One club.
Wigan are currently 22nd in the table, two points adrift of safety.
Moreno had initially been part of a Spanish consortium looking to buy the club before the English Football League rejected their application at the start of December because one of the group was subject to a disqualifying condition.
Moreno subsequently became the sole bidder and it had been hoped the deal would be completed at some point between Christmas and 1 January.
The Latics have been in administration since July 2020.
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