The heartthrob chart-topper said he still hopes to be able to help the League One side "succeed".
Tomlinson announced last month, after speculation, that he was teaming up with businessman John Ryan.
But efforts to raise enough cash for the deal - through the Crowdfunder.co.uk website - have faltered with only £757,796 of the £2 million target raised.
A statement issued yesterday by the Tomlinson Ryan Trust, said the failure to reach their target meant they were unable to meet the Football League's "fit and proper" test for club ownership.
In a series of posts online, Tomlinson wrote: "I'm absolutely gutted the Doncaster Rovers deal is not going ahead. I am desperate for the club to be given the recognition it deserves."