Former Watford owner Laurence Bassini has been accused of wasting time and making empty promises by Bolton Wanderers chairman Ken Anderson, who has today announced he will be forced to place the club into administration.

Wanderers had hoped to complete a takeover deal with Bassini, but he failed to provide proof of funding, while the club will face a High Court winding-up order later on Wednesday.

"Mr Bassini, regrettably his continued time wasting and empty promises have caused a great deal of heartache and frustration for the staff and supporters alike and now leave the Eddie Davies Trust and I with little or no choice other than for one of us to place the businesses into administration, as any likelihood of finding any resolution (in) the High Court hearing (is) not possible," Anderson said in a statement on the club's official website.

"This had been a massive disappointment to me as I understand the serious implications administration will bring to the businesses. But I have been left with no alternative, as this course of action will preserve the football club and all of its proud history."

Meanwhile, Bolton have been given more time to sort out their financial affairs by a judge in a specialist court.

Judge Clive Jones adjourned an application to wind up the club at an Insolvency and Companies Court hearing in London on Wednesday.

The judge has heard that Bolton owe the taxman more than £1 million and said the case would be reconsidered on May 22.