Bolton Wanderers face the prospect of being placed into administration unless they receive a £10m bid in the next 48 hours, according to a report.
The Trotters are in desperate need of funding after failing to pay their players' wages for November.
Trevor Birch has been brought in to act as a troubleshooter, but the financial advisor admitted earlier this week that Wanderers currently find themselves in an "increasingly perilous" position.
The Sun suggests that Bolton have now urged potential bidders to come up with the eight-figure sum required in order to speed up the process.
It is claimed that several parties have shown an interest in a Macron Stadium takeover but, with time fast running out to get a deal in place, the administration route is now a real possibility.
Should that be the case, Bolton face the prospect of a 12-point deduction - taking them to zero points for the campaign - which would almost certainly mean relegation to the third tier.
Daniel Lewis
