Bolton Wanderers could be put into administration on Tuesday morning, according to club owner Ken Anderson.
Anderson said he offered to repay creditors BluMarble Capital Ltd a £4m loan plus interest but that the offer had been rejected.
The club could be deducted 12 points for going into administration. They are currently eighth in the Championship with 11 points after six games.
“I feel sure that they will live to regret their actions,” Anderson said.
Bolton took out a loan with BluMarble in 2015 and according to the Bolton News there is a funding gap for the next 12 months of up to £13m.
Anderson added: “[BluMarble] will now need to fund the club administration going forward, which will take a minimum of three months and will automatically put the club in a two-year transfer embargo and a minimum immediate points deduction of 12 points.
“In my opinion, their actions will substantially reduce the value of the club in respect of any future sale and will make it far more difficult to find a future investor/buyer.”