The club confirmed it has sold just nine percent of a EUR190m share offer.
Lazio was plunged into trouble after its former owner, the food company Cirio, collapsed. Last year its shares on the Milan stock exchange were suspended after the club revealed the extent of its financial problems.
It had hoped this new share scheme would pump crucial millions into the club.
Meanwhile, a planned takeover of English Premier League club Aston Villa has been scrapped.
An initial bid for the club had been rejected in March. Now businessman Richard Thompson has pulled out of the investors.
