Bolton Wanderers advisor Trevor Birch has admitted that the club's position is "increasingly perilous" as they continue to search for a new owner.
The Championship side were unable to pay November's wages due to a short-term funding issue, and Birch has been appointed to help owner Eddie Davies sell the club.
In a statement on the Trotters' website, Birch said that "new investment is needed quickly".
"We spoke to the players today and they remain upbeat and committed to doing all they can to help the club through this difficult time," said Birch.
"We're continuing to negotiate with interested parties but unfortunately no one party has demonstrated all the requisite elements needed to conclude a deal yet. The club's position is increasingly perilous and new investment is needed quickly.
"We'd like to thank the fans for their continued support and all of the behind-the-scenes staff for their continued hard work in difficult circumstances."
Bolton are bottom of the Championship, four points from safety, after 18 games of the Championship season.
