Bolton Wanderers chairman Ken Anderson has announced he will be forced to place the club in administration, which will force them to start their League One campaign with a 12-point deduction next season.
Wanderers had hoped to complete a takeover deal with Laurence Bassini, but the former Watford owner has failed to provide proof of funding, while the club will face a High Court winding-up order later on Wednesday.
'Mr Bassini, regrettably his continued time wasting and empty promises have caused a great deal of heartache and frustration for the staff and supporters alike and now leave the Eddie Davies Trust and I with little or no choice other than for one of us to place the businesses into administration, as any likelihood of finding any resolution (in) the High Court hearing (is) not possible,' Anderson said in a statement on the club's official website.
'This had been a massive disappointment to me as I understand the serious implications administration will bring to the businesses. But I have been left with no alternative, as this course of action will preserve the football club and all of its proud history.'
The relegated Championship club, who failed to fulfil their final fixtures following a strike by unpaid players, are in dire straits and things do not appear to be getting any better.
More to follow.