Bolton Wanderers have officially entered administration.
The club were relegated from the Championship at the end of the 2018/19 season and failed to fulfil their final match against Brentford.
Owner Ken Anderson has been trying to sell the club for some time and looked to have found a buyer in Laurence Bassini.
This takeover collapsed, though, due to the former Watford owner’s failure to provide proof of funds.
Administrators have now been appointed, meaning Bolton will start their League One season on -12 points.
A club statement read: “Paul Appleton and Asher Miller of David Rubin & Partners have today been appointed as joint administrators of Bolton Wanderers Football & Athletic Club (BWFC) and Burnden Leisure Limited (BLL) in the High Court of Justice.
“Both appointments were made following the Notices of Intention to appoint administrators filed by Fildraw Limited last week, which followed a long period of uncertainty since the presentation of a petition by HMRC.
“Fildraw Limited is a company through which the Trust representing the family of the late Eddie Davies lent substantial sums to the club.
“The decision was finally made for the appointments which it is hoped will ensure the continued existence of the club, one of the founding members of the Football League.”
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Administrator Paul Appleton said: “This has obviously been a long-running situation and it is vitally important that we quickly establish the position of both the football club and the holding company.
“It has got to the stage where the trust could not sit back and allow the club to go into liquidation. Decisive action had to be taken and the trust believes the decision is in the best interests of Bolton Wanderers.
“Everybody at the club as well as the supporters need a sense of clarity and that is what I will be seeking to provide as quickly as possible.”
In response to the news, a statement from the EFL read: “The EFL can confirm that it has been formally notified that administrators have been appointed in respect of Bolton Wanderers Football Club.
“As a result, the club is now subject to a 12 point deduction and, in accordance with EFL Regulations, the sporting sanction will take effect next season in League One.
“The EFL will now commence discussions with the Administrators with the aim of achieving a long-term future for the club.”