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Bolton Wanderers owner Ken Anderson has announced he has been left with "little or no choice" other than to place the club into administration.
Wanderers appeared in the High Court on Wednesday over a £1.2m unpaid tax bill.
The case was adjourned until 22 May, allowing time for an administrator to be appointed.
Administration would result in the club, relegated to League One this season, having a 12-point penalty imposed on them next term.
Former Watford owner Laurence Bassini had made a takeover bid, but Wanderers said on Thursday that the deal was off.
Bassini, who had been given 48 hours to prove to the English Football League he had the funds to take over, later said he had control of the club, but it was reported on Monday that his bid was on the brink of collapse.
In a statement published while the club were awaiting their case to be heard in the High Court on Wednesday, Anderson said there was no alternative but to go into administration.
"This has been a massive disappointment to me as I understand the serious implications administration will bring to the businesses," he said.
On Bassini's bid, Anderson added: "Regrettably his continued time wasting and empty promises have caused a great deal of heartache and frustration for the staff and supporters alike and now leave the Eddie Davies Trust and I with little or no choice other than for one of us to place the businesses into administration, as any likelihood of finding any resolution in the High Court hearing is not possible."
Bolton have been given numerous winding-up petitions in recent times. Their latest case, brought by HM Revenue & Customs, has now adjourned by the High Court on three occasions, with Wednesday's decision the latest in a string of off-field issues at the club this season.
Players are still owed wages for March and April, while the club could face further sanctions from the English Football League after their final home match of the season against Brentford on 27 April was postponed when the playing staff went on strike.
Meanwhile, Bolton Whites Hotel, which adjoins the University of Bolton Stadium and is owned by the club, also appeared in the High Court over a separate winding-up petition and was also given an adjournment until 22 May.
