Bolton chairman Ken Anderson says the club will be placed into administration due to a dispute over a loan repayment.
Anderson claims his offer to pay a £4m debt with interest has been rejected by finance company BluMarble Capital Ltd.
Slipping into administration would result in a 12-point deduction for the Championship side.
The Trotters drew 2-2 against Preston North End at Deepdale in their last league game before the international break.
That game was marred by an on-field spat after the final whistle which saw PNE’s Ben Pearson shown a red card.
“I am very disappointed that Stuart Wilson and Michael Henson of BluMarble Capital Ltd have decided to reject my offer to repay the loan they originally made to the club through Sportshield Ltd and place the club in administration,” Anderson said.
“The amount received by the club was £4m and I offered to repay this plus substantial interest. Unfortunately, this offer was rejected.”
Anderson added: “They will now need to fund the club administration going forward, which will take a minimum of three months and will automatically put the club in a two-year transfer embargo and a minimum immediate points deduction of 12 points.
“In my opinion, their actions will substantially reduce the value of the club in respect of any future sale and will make it far more difficult to find a future investor/buyer.”
Bolton will become the first Football League club to fall into administration in five years and the first since the league’s standard penalty for administration was raised from 10 points to 12 in 2015.