Bolton Wanderers owner Ken Anderson has announced he has been left with “little or no choice” other than to place the club into administration.
Proceedings are ongoing in the High Court as the club appears over a winding-up petition brought by HM Revenue & Customs over a £1.2m unpaid tax bill.
Administration would result in the club, relegated to League One this season, having a 12-point penalty imposed on them next season.
Former Watford owner Laurence Bassini had been part of a takeover bid for the financially beleaguered club, but Wanderers said on Thursday that the deal was off.
Bassini, who had been given 48 hours to prove to the English Football League he had the funds to takeover, later said he had control of the club, but it was reported on Monday that his bid was on the brink of collapse.
More to follow.