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Championship: Winding Up Petition looming for Bolton Wanderers as financial problems continue
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The Championship's bottom side Bolton are bracing themselves for further financial trouble with a winding up petition expected to be issued to the club in the next few days.
The club owe about £600,000 to HMRC in unpaid taxes and overall have £172.9m of debt, the majority of which is owed to owner Eddie Davies.
Senior players were not paid their wages in November with £15m needed to make sure they are played for the rest of the season.
Davies has been looking for a buyer and has stated he would be willing to write off the club's debt to get a deal made.
But with no agreement in place presently, they face the threat of administration and a 12-point deduction.
Bolton's financial adviser Trevor Birch, who was brought in by the owner with chairman Phil Gartside seriously ill, has been trying to find.
With the club currently bottom of the Championship, the possibility of a points deduction could be fatal to the club's hopes of survival.