One of English football's most historic clubs have earned a temporary reprieve in their bid to stay in business.
Financially-troubled Bolton Wanderers have avoided moves in the High Court to have the club wound up immediately while they seek new ownership to help clear their debts.
The former Premier League side - now bottom of the Championship - were given until February 22 to find a rescue scheme aimed at repaying £3 million in debts and creditors.
A two-man delegation had travelled down to London to submit a business plan to stave off voluntary administration, which triggers a 12-point deduction, at a time when the club's fortunes on and off the field are dire.
Wanderers sit 19 points from safety in English football's second tier and are virtual certainties for relegation to League One.
Bolton assistant manager Steve Walford said Neil Lennon is "very sorry" after Wanderers cleared him to stay on as manager following an internal investigation.
The Championship club announced on Tuesday that the Northern Irishman would remain in his post after they looked into allegations made about Lennon's private life in a Sunday newspaper.
Walford faced the media on Wednesday and revealed Lennon had addressed the matter with his squad and was hoping to move on from it ahead of the bottom-of-the-table clash with Rotherham on Boxing Day.
The situation with the manager now has been cleared up regarding the staff and the players; he's spoken to them and they're all behind him.
He's obviously down and very sorry for his actions. I've known Neil a long time and he'll bounce back, no danger. The players and the club are all behind him now. As far as I'm concerned, I think the matter's closed.
Championship strugglers Bolton Wanderers have received a winding up order from HMRC in relation to unpaid PAYE and VAT.Read the full story ›
There may be light at the end of the tunnel for Bolton's bleak financial situation, with the Sky Bet Championship club hopeful a takeover can be announced next week.
Wanderers' state was termed "increasingly perilous" by advisor Trevor Birch on Tuesday after it was revealed Neil Lennon's squad had yet to receive their wages for the month of November.
And despite fears of administration looming at the Macron Stadium, Lennon was able to provide a positive update on the crisis on Thursday morning.
I've spoken to Trevor and a few board members this morning and there seems to be some green shoots of recovery now.
There has been three, maybe four interested parties, and I think it's a case of first past the post really. Obviously there are a lot of guarantees to be made, a lot of negotiations to go on, but it's looking healthier than it was two or three days ago.
Trevor's a lot more confident now that something will get resolved. People are talking to solicitors, it's basically a question of who can come up with the money first. He seems pretty happy that something will get over the line.
The board, Trevor, are hoping to get new investors in and, hopefully, an announcement (will be) made sometime next week. That will, hopefully, ease the alarm of everyone around the place.
Championship side Bolton are in an "increasingly perilous" financial situation according to advisor Trevor Birch.
The club failed to pay their first-team for November, it was confirmed on Monday, as owner Eddie Davies attempts to sell the Trotters.
Any hope of an imminent sale appears unlikely after Birch, hired to facilitate a takeover, confirmed none of those interested in purchasing Bolton were close to taking control from Davies, who is prepared to wipe out £185million of debt owed to him.
We spoke to the players today and they remain upbeat and committed to doing all they can to help the club through this difficult time.
We're continuing to negotiate with interested parties but unfortunately no one party has demonstrated all the requisite elements needed to conclude a deal yet. The club's position is increasingly perilous and new investment is needed quickly.
We'd like to thank the fans for their continued support and all of the behind-the-scenes staff for their continued hard work in difficult circumstances.
Championship strugglers Bolton Wanderers have confirmed their players have not been paid for November.Read the full story ›
Manchester City having completed the signing of Luke Brattan on a free transfer and then immediately loaned him out to Championship side Bolton Wanderers.
The Hull-born player has spent the last five seasons playing for A-League side Brisbane Roar but left at the end of his contract.
Brattan will stay with Bolton until the start of January.
Former Newcastle United striker Shola Ameobi has signed a short-term deal with Championship outfit Bolton Wanderers.
Championship side Bolton are set to complete a deal for Real Madrid defender Derik.
The Spain Under-21 international has never made a first-team appearance for the Spanish giants, but has plenty of experience in their youth and reserve ranks.
Liverpool have completed the signing of goalkeeper Adam Bogdan from Bolton, the club have announced.
The Hungary international will officially join the Anfield outfit on July 1 when his deal with Bolton expires.
Bogdan becomes the third player to agree terms with Liverpool after Danny Ings and James Milner.