The financial future of Bolton Wanderers is looking increasingly perilous after it was confirmed that they have been issued with a winding-up petition by Her Majesty's Revenue and Customs (HMRC) over unpaid taxes. The Championship's bottom club, who travel to automatic promotion hopefuls Hull on 12 December in their quest for a first league victory since mid-September, reportedly failed to pay their players in November and posted debts of approximately £172.9m ($262.1m) in April.

In an official statement released via their official website on 10 December, the club revealed: "Bolton Wanderers can confirm that the club has now received a winding up petition from HMRC in respect of unpaid PAYE and VAT for the month of November. Despite requests from the club to HMRC to give it further time to either conclude a sale or raise additional funds, HMRC has proceeded with due process and duly served a petition."

Adviser Trevor Birch added: "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."

Bolton surely now face the prospect of having to sell key players during the upcoming January transfer window, while the threat of administration and an automatic 12-point deduction looms large. Owner Eddie Davies is currently attempting to sell the four-time FA Cup winners, with two main parties – Dean Holdsworth's Sports Shield Investments and a Thai-based consortium –believed to have held discussions over a possible sale, according to the Bolton News.