Bolton Wanderers face liquidation this week unless a deal to buy the club can be resurrected by 17:00 BST on Tuesday, according to joint administrator Paul Appleton.
The League One club had been given the deadline to complete a sale or offer "compelling" reasons for an extension by the English Football League (EFL).
However, Appleton revealed a deal to buy the club collapsed on Saturday and says "the process of closing down the company will commence on Wednesday" if the involved parties do not find a compromise.
Editors' Picks
Bolton – who were relegated from the Premier League in 2011-2012 – are second from bottom in League One only ahead of Bury, with both sides having received 12-point penalties for entering administration
They were thumped 5-0 by Ipswich Town on Saturday, conceding five for the third game running.