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Friday: The Beginning of the End for Bolton Wanderers?

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With financial implosion seemingly imminent - will the doors be closed at the Reebok?

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With little progress being made, seemingly, in the search for a new owner - and with Friday being mooted by some as being the day that Bolton Wanderers officially embraces financial meltdown with the onset of administration - could this be the beginning of the end for a once-proud club?

Run into the ground, seemingly, with incompetence and mismanagement from the very top, our famous club is heading for financial oblivion, and the end may well now be in sight.

According to the Telegraph, tentative talks between Trevor Birch - the insolvency expert employed by the Bolton owner, Eddie Davies, to hasten the sale of the club - and three consortia of interested parties, little progress has been made in establishing a preferred bidder.

The Telegraph also reported:

Despite being able to pay staff and their younger players (earning less than £500 per week), the club have no money left in the pot to meet the PAYE demand of around £300,000 due this month.

Even if a sale were agreed, the likelihood is that the duration of a due diligence period would leave the players facing a second month (over Christmas and new year) without pay.

If a new buyer cannot be coaxed forward the logical next step would lead to the club entering administration.

While the club retain assets, notably two training facilities, the receipt of a 12-point penalty would make Championship survival virtually impossible and leave them less attractive to a prospective buyer.

HMRC can make a statutory demand for repayment of moneys owed at any time and issue a winding-up petition in the event of non-compliance.

It's looking like time's up at the Reebok.

Who is to blame?

Interestingly, tonight friend of the site, Marc Iles, tweeted thusly:

It is clear that time is of the essence, and the atmosphere at the weekend could well be poisonous - but it may also well be an opportunity to stick two fingers up at the world and rally together to support our club in its hour of dire, desperate need.