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Bolton manager Neil Lennon says he is "still optimistic" that the club can avoid going into administration.

Bolton are £172.9m in debt and face a winding-up petition on 18 January.

Wages could be a problem in midfielder Mark Davies' proposed move to Sheffield Wednesday, although Fulham are also interested, while forward Zach Clough is in talks with Bristol City.

"The plan was if we get the capital in from the two sales that might tide us over for Monday [18 Jan]," Lennon said.

"I've not spoken to [club advisor] Trevor Birch today and seen what the situation is, but we're still optimistic something can get done.

"The last thing we want is to be in administration, that's for sure."

Bolton are four points adrift of safety at the bottom of the Championship, and under a transfer embargo until the end of the season after breaching Financial Fair Play rules.

Administration would trigger a 12 point penalty and leave them 16 points from safety.

Analysis

91�ȱ� Sport's Simon Stone:

"All avenues are being explored by Bolton in an attempt to raise some cash.

"The club are due to answer an HMRC winding up petition on Monday, 18 January.

"I was told they owed £600,000 - but it could well be more than that. They are having to find around £1.2m each month to survive.

"They paid November and December's salaries by selling off some office space and interim chief executive Trevor Birch is now looking at how to fulfil January's obligation.

"Leeds United's massive away following will bring much-needed cash if Bolton can survive an FA Cup third-round replay with non-league Eastleigh to reach the fourth round.

"Prospective buyers remain in the background but, in the short-term, completing transfers for Davies and Clough appear to be best way of raising funds to stave off financial calamity for a bit longer."