Bolton Wanderers have confirmed that talks are 'ongoing' as they bid to seal a takeover and avoid expulsion from the English Football League.
The Trotters were told by the EFL that a by Tuesday 5pm, or they could face an explosion notice from League One.
Paul Appleton, joint administrator for Bolton, announced the club could enter the liquidation process as early as Wednesday after a deal to purchase the recently-relegated Championship outfit fell through over the weekend.
Football Ventures, whose deal collapsed over the weekend, still have preferred bidder status and are still in talks with Bolton despite the deadline passing.
Bolton will not be thrown out by the EFL immediately and there could be time to find a deal during a 14-day notice period, in which the club have to prove they have the funds to survive, just as Bury had to.
However, given Appleton's statement that the club doesn't have the funds to trade, a deal needs to be in place sooner rather than later.
It's been a dark few months for English football, with Bolton and Bury plunged into financial crisis.
The club issued the following tweet at 5:12pm on Tuesday, shortly after the deadline had passed.
The club's official Twitter account wrote: "Discussions are ongoing with all parties and a further statement will be issued later this evening."
Fans and the football community now face a gruelling wait to see what the Trotters face will be.
