This archive report was first published on 26 August 2019.
On Monday, a deal to buy Bolton Wanderers, a third-tier English football club, collapsed, leaving the team facing the threat of liquidation.
The English Football League had given the club until 1600 GMT on Tuesday to complete a takeover to avoid having their league membership revoked.
However, the club's administrator, Paul Appleton, revealed that the buy-out had fallen through, and if no breakthrough is made, the process of closing down the company will commence on Wednesday.
"In just over 24 hours, the club will have its membership of the EFL revoked," Appleton said in a statement.
Appleton added that the club is currently not in a position to carry on trading and that the process of closing down the company will commence on Wednesday, ultimately leading to the club's liquidation, expulsion from the EFL, and the loss of over 150 jobs.
Bolton, who enjoyed the riches of the Premier League as recently as 2012, entered administration in May and incurred a 12-point deduction.
The club's recent performances have been dismal, with just three senior players available for a recent 5-0 defeat by Tranmere.
Wanderers manager Phil Parkinson resigned last week citing welfare concerns for youth teamers being fielded in senior football.
While Appleton stressed there was no point in apportioning blame, it appears the fault of not completing a sale to the Football Ventures consortium is being laid at the door of current owner Ken Anderson.
