Bolton chairman Ken Anderson says the club will be placed into administration due to a dispute over a loan repayment.
Anderson claims his offer to pay a £4million debt with interest has been rejected by finance company BluMarble Capital Ltd.
Slipping into administration would result in a 12-point deduction for the Sky Bet Championship side.
“I am very disappointed that Stuart Wilson and Michael Henson of BluMarble Capital Ltd have decided to reject my offer to repay the loan they originally made to the club through Sportshield Ltd and place the club in administration,” Anderson told the club’s website.
“The amount received by the club was £4m and I offered to repay this plus substantial interest. Unfortunately, this offer was rejected.”
Anderson added: “They will now need to fund the club administration going forward, which will take a minimum of three months and will automatically put the club in a two-year transfer embargo and a minimum immediate points deduction of 12 points.
“In my opinion, their actions will substantially reduce the value of the club in respect of any future sale and will make it far more difficult to find a future investor/buyer.”