London - Bolton Wanderers chairman Ken Anderson has announced he will be forced to place the relegated English Championship club into administration.
Former Watford chairman Laurence Bassini had made a takeover bid but Bolton said last week the deal was off.
The club have been given more time to sort out their financial affairs by a judge in a specialist court, who adjourned an application to wind up the club at a hearing in London on Wednesday.
The judge heard that Bolton owe the taxman more than £1 million ($1.3 million) and said the case would be reconsidered on May 22.
"Mr Bassini, regrettably his continued time-wasting and empty promises have caused a great deal of heartache and frustration for the staff and supporters alike," Anderson said in a statement on the club's official website.
"This had been a massive disappointment to me as I understand the serious implications administration will bring to the businesses," he added.
"But I have been left with no alternative, as this course of action will preserve the football club and all of its proud history."
Administration would reportedly result in the club, relegated to League One this season, facing a 12-point penalty next season.
Bolton were unable to fulfil their final home league game of the season against Brentford after players went on strike in protest at unpaid wages.
The English Football League said the club were guilty of misconduct and would face disciplinary proceedings.