Bolton Wanderers are facing liquidation after a deal to buy the League One club collapsed.
The English Football League has given Wanderers until 5pm on Tuesday to resurrect the sale and allow a takeover to be completed, or face having their league membership revoked.
Failure to complete a deal would result in the closing down of the company on Wednesday.
In a statement on the club’s website, administrator Paul Appleton said: “At 5pm on Friday August 23, the completion of the sale of the football club and the hotel had been agreed by all parties and undertakings had been issued by all solicitors except those of Ken Anderson.
“Devastatingly, on Saturday morning that deal collapsed. At this stage, there seems little point in apportioning blame because that makes no difference to the staff, players, management, supporters and the community who have once more seen their club taken back to the brink.
“My team have spent the last 48 hours working around the clock, striving to get a deal back on track and trying to convince the parties still in conflict that the very fate of Bolton Wanderers depends on them finding a compromise.
“The EFL have made their position clear by insisting on a 5pm deadline on Tuesday for a deal to be completed or give compelling reasons for an extension. They have also written to everybody concerned in the process to underline that sense of urgency.
“On Sunday evening, there was some tentative dialogue but we are still some way from reaching a solution. Therefore, I am appealing to those parties whose position seems intractable to do everything to reach a compromise.
“In just over 24 hours, the club will have its membership of the EFL revoked. Over and above that, the club is currently not in a position to carry on trading and, as such, the process of closing down the company will commence on Wednesday.
“This will ultimately lead to its liquidation, the expulsion of the club from the EFL and the inevitable loss of over 150 jobs.”
The EFL also released a statement on their website announcing a board meeting on Tuesday.
It said: “The EFL urges all parties to communicate and come together to find the necessary and final solutions so that Bolton Wanderers can start to plan for its long term future and end months of uncertainty for all those associated with the Club, in particular the players, staff, supporters and the local Bolton community.
If a successful conclusion to a sale is not found or there are no credible plans for the Club to continue the season in administration by the planned Board meeting at 5pm on Tuesday 27 August 2019, then the EFL Board will consider lifting the suspension on the Notice of Withdrawal of the Club's membership of the League which was issued when the Club entered into administration in May 2019.
Bolton’s next fixture is on Saturday away at Gillingham on Saturday.
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