The bid was rejected by the football league after Louis and businessman John Ryan attempted to raise the money through crowd-funding.
"The situation is that the crowd-funder didn't succeed and we are very sorry about that but the real problem is with the Football League", said John to BBC Radio Sheffield and Louis echoed his sentiments.
"I was explicitly told that the deal to buy the club was not dependent on the money raised by Crowdfunding . Unfortunately I was misled," Louis tweeted, before later adding: "And to all the Doncaster Rovers fans , I will do all in my power to help the club succeed. I really do love the club!"
I was explicitly told that the deal to buy the club was not dependent on the money raised by Crowdfunding . Unfortunately I was misled.
Mr Ryan reportedly claimed that the Football League wanted "cleared funds of £5M from day one", but he told BBC Radio Sheffield: "I told them I had assets well above that figure and it's just been disregarded."
Louis and John, who have tried twice before to finalise the deal, chose to save their club after it was relegated to the third tier of English football in May.
In a statement made as he announced his plans for the deal, Louis said: "For me, this is all about the football, the community and restoring the excitement and desire to making Doncaster Rovers the most exciting club to play for in Yorkshire."
Louis, who is one fifth of boy band One Direction later tweeted: "For the record,I insisted contractually I would never earn a penny from DRFC. I simply wanted to help club& community.Still hoping I can."