Bolton face liquidation later this week unless a deal to buy the club which collapsed over the weekend can be resurrected at the 11th hour.
Wanderers had been given until 5pm on Tuesday by the EFL for a takeover to be completed or face having their league membership revoked.
However, administrator Paul Appleton has revealed a deal collapsed on Saturday morning and despite "tentative dialogue" about salvaging it he said if there is no breakthrough "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,” said Appleton in a statement.
“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.
“More than that, it will devastate a community for whom the football club is a beacon of hope and expectation.
"I reiterate,unless there is a change of position from any of the parties involved, the process of closing down the club and ultimately placing Bolton Wanderers into liquidation will begin this week."
