Bolton Wanderers are facing turmoil after the club confirmed that they face a winding up petition, according to reports.
Wanderers, currently bottom of the SkyBet Championship, are understood to owe HM Revenue & Customs £600,000 in unpaid PAYE and VAT.
The club are also thought to owe debts of up to £173m.
In a statement, the club said it had asked HMRC for more time to either sell up or raise additional funds – but the petition was served.
Trevor Birch, owner at Bolton Wanderers, said: “Quite clearly the club remains in a critical financial position. We will continue to try and finalise a sale or alternatively raise some short term funds needed to give the club a breathing space and time in which to consider its options.”
Birch was called into the club in recent weeks, and is a well-known turnaround expert with much experience of football matters.
He was called into Leeds United in 2003 when the club entered insolvency for the first time and has also held managing positions at Premier League clubs Everton and Chelsea.
According to reports a number of parties are interested in a takeover at the Macron Stadium, including former players Dean Holdsworth and Stelios Giannakopolous.
On the field, Bolton face a tough trip to promotion chasing Hull City on Saturday looking to turn their league fortunes around.
