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Bolton Wanderers FC are on the brink of closing down after failing to find someone to buy the club.

The League One side had until 5pm on Tuesday 27 August to complete a sale or provide "credible plans" that it can compete this season - but that deadline has passed.

If it doesn't, then a 14-day notice period will begin during which the club has to prove that it has the money to survive. If it doesn't, Bolton Wanderers face losing their place in the league.

The people dealing with the situation at the club have said that it is not in a position to carry on trading, so "the process of closing down" could start on Wednesday if it doesn't find a buyer.

Bolton are one of the oldest running clubs in Britain, with an 145-year history, so it would be big news if it has to close down.

Just a decade ago, they finished seven in the Premier League and were in the Europa League.

Read on to find out more about the situation.

If a company can't pay its debts or borrow any more money, a special team called administrators may be brought in to take over from the management and sort out their money troubles.

This was the case with Bolton back in May when they entered administration because they couldn't manage their debts.

It was a difficult season on and off the pitch.

Bolton didn't pay their players' wages for several months and their final home match of the season against Brentford on 27 April was called off when the playing staff went on strike over going unpaid.

The club was also relegated from the Championship to League One.

They started this season with a 12-point deduction because they failed to put out a team against Brentford.

Lots of the senior players have left because of unpaid wages and the club have been forced to field a team made of youth-team players this season.

Since taking over in May, the administrators have been looking for someone to buy the club.

However, they have been unable to strike a deal with anyone.

Another difficulty is that former owner Ken Anderson claims he's owed a significant amount of money by the club.

Up to 150 people could lose their jobs if a buyer can't be found.

Are you a Bolton fan? If so, how do you feel about what's happening?

If not, how would you feel if this happened to the team you support? Let us know in the comments below.