Bolton are on the verge of liquidation after the English Football League gave their administrators 14 days to either sell the League One club or prove they can fund them for the rest of the season.
And as the administrator Paul Appleton has already revealed that there is no money left to fund the club without a takeover by the Football Ventures consortium, the EFL verdict looks terminal.
Optimism had been growing on Tuesday that Bolton would meet the 5pm deadline set by the league to announce that the deal had been approved.
But in a statement released at 11.05pm, the EFL said: "Despite further exchanges with the administrators over the course of the Bank Holiday weekend, and right up until today's deadline of 5pm, a resolution to ongoing impasse in negotiations regarding a completion of sale at Bolton Wanderers has not yet been found.
"The EFL board has therefore taken the decision to lift the suspension on the notice of withdrawal, which was issued as per the EFL's insolvency policy when the club entered administration in May 2019.
"As per the league's articles of association, this will now give the club 14 days (11.59pm on 12 September, 2019) to meet all outstanding requirements of the league's insolvency policy or its membership in the EFL will be withdrawn."
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