Bolton Wanderers faces liquidation this week unless a deal to buy the club can be resurrected by 17:00 BST on Tuesday, according to joint administrator Paul Appleton.
The League One club had been given the deadline to complete a sale or offer "compelling" reasons for an extension by the English Football League (EFL).
However, Appleton revealed a deal to buy the club collapsed on Saturday and said "the process of closing down the company will commence on Wednesday" if the involved parties do not find a compromise.
Bolton – which was relegated from the Premier League in 2011-2012 – is second from bottom in League One only ahead of Bury, with both sides having received 12-point penalties for entering administration.
The side lost 5-0 to Ipswich Town on Saturday, conceding five for the third game running.
In a statement on the club's official website, Appleton said: "The EFL have made their position clear by insisting on a 17:00 BST deadline on Tuesday for a deal to be completed or give compelling reasons for an extension.
"They have also written to everybody concerned in the process to underline that sense of urgency.
"On Sunday evening, there was some tentative dialogue, but we are still some way from reaching a solution. Therefore, I am appealing to those parties whose position seems intractable to do everything to reach a compromise.
"In just over 24 hours, the club will have its membership of the EFL revoked. Over and above that, the club is currently not in a position to carry on trading and, as such, the process of closing down the company will commence on Wednesday.
"This will ultimately lead to its liquidation, the expulsion of the club from the EFL and the inevitable loss of over 150 jobs. More than that, it will devastate a community for whom the football club is a beacon of hope and expectation," the statement said.
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