This test was passed by the successful bidder, who then had to submit a final offer before a deadline on Wednesday. The interested party, who meets EFL approval, also intends to inject £1million into the club for its immediate running.

They have also proved they can finance the club for a minimum of two years and can satisfy outstanding creditors.

Paul Appleton of David Rubin and Partners said in a statement: "I am delighted we have been able to reach a more than satisfactory outcome to this stage of the process and I am confident the preferred bidder has the ability to take Bolton Wanderers forward.

"We are now working towards a signed heads of terms agreement by close of play on June 14 and until that has been signed, we are still bound by the confidentiality agreement within the process.

"But I can assure all Bolton Wanderers fans that the preferred bidder has both the financial ability and the determination to turn around the fortunes of this great football club."

Bolton, who were relegated from the Sky Bet Championship last season, went into administration in May after a takeover bid by former Watford chairman Laurence Bassini collapsed. Five parties were thought to be interested in taking over the club prior to Wednesday's deadline.

With this process still ongoing, the club have revealed they have just nine members of last season's first-team squad contracted and only 14 in total, including scholars and under-23s players.

Only seven of the group are senior players in Ben Alnwick, Connor Hall, Jason Lowe, Josh Magennis, Remi Matthews, Luke Murphy and Erhun Oztumer.

Scholars Lucas Connell and Ronan Darcy, who are also on the retained list, broke into the side last year.

The club will start next season in League One with a 12-point deduction as a result of going into administration.

ga('create', 'UA-72310761-1', 'auto', {'name': 'pacontentapi'});
ga('pacontentapi.set', 'referrer', location.origin);
ga('pacontentapi.set', 'dimension1', 'By Press Association Sport staff');
ga('pacontentapi.set', 'dimension2', 'ac444c81-d7d8-4e1b-acab-863fdb63ac66');
ga('pacontentapi.set', 'dimension3', 'paservice:sport,paservice:sport:club-news,paservice:sport:football');
ga('pacontentapi.set', 'dimension6', 'story');
ga('pacontentapi.set', 'dimension7', 'composite');
ga('pacontentapi.set', 'dimension8', null);
ga('pacontentapi.set', 'dimension9', 'sport:football');
ga('pacontentapi.send', 'pageview', { 'location': location.href, 'page': (location.pathname + location.search + location.hash), 'title': 'Bolton administrators select preferred bidder for troubled club'});