Bolton Wanderers have "no money left" to bring in players, according to club manager Neil Lennon.
The Trotters have a debt of £172.9m and are seeking investment, with Trevor Birch to lead any takeover talks in the absence of Phil Gartside.
Lennon told BBC Sport: "Trevor's come in and he's here to accelerate the process of looking for potential new owners and I think time is of the essence now.
"Otherwise we could be facing the scenario, maybe down the line, of administration so it's important the process is hurried along now.
"I've been told there's no money left to even bring in loan players so the club needs an injection. It needs someone who's going to come in and safeguard its future, not just on the field but off the field, but these things take time and getting the right people in is important."
Bolton, who are currently 23rd in the Championship table, had been hopeful of receiving a cash boost from Dean Holdsworth's proposed takeover.
Giuseppe Labellarte
