Championship strugglers Bolton have confirmed they have received a winding up petition from HM Revenue and Customs.
They were unable to pay PAYE and VAT last month as they attempt to deal with debts of just over €235M.
Owner Trevor Birch says they are trying to finalise a sale or raise some short term funds, saying: "Quite clearly the club remains in a critical financial position. We will continue to try and finalise a sale or alternatively raise some short term funds needed to give the club a breathing space and time in which to consider its options."
In addition, the club said in a statement: "Despite requests from the club to HMRC to give it further time to either conclude a sale or raise additional funds, HMRC has proceeded with due process and duly served a petition,"
The club, managed by former Celtic boss Neil Lennon, are bottom of the second tier English Championship, four points adrift of safety.
However, if they enter administration, they could be deducted 12 points, which would all but end their hopes of avoiding the drop to League One.
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