Bolton administrator Paul Appleton says the future of the club "is still in doubt" but hopes there will be a "positive outcome" before today's 5pm deadline set by the English Football League.
Wanderers are on the brink of liquidation, with their 145-year history hanging in the balance while quibbles continue over legal paperwork.
A deal to sell the Trotters to preferred bidders Football Ventures collapsed on Saturday morning - despite being virtually agreed hours earlier - and Appleton had warned on Monday that he would start closing the club down on Wednesday.
The EFL has given the club until 5pm today to prove a deal is done or provide reasons why they require an extension, otherwise a notice for their formal withdrawal from the league will be issued.
Bolton, founder members of the Football League, will still have 14 days to provide proof of funds in order to stave off expulsion if they fail to meet the deadline, but assets will start to be sold off on Wednesday, with the likelihood 150-plus jobs will be lost.
Neighbours Bury also face a 5pm deadline for their owner Steve Dale to complete a sale to data analytics company C&N Sporting Risk or face a similar withdrawal notice