Tuesday 11 September 2018 17:37, UK
Sam Allardyce has described Bolton's financial situation as "tragic" with the Championship club facing administration.
Owner Ken Anderson failed to agree a loan repayment with BluMarble, saying the financial company rejected his last-minute offer to repay the £4m it made to the Championship club.
Bolton, who are eighth in the table with 11 points, could be hit with a 12-point deduction and a two-year transfer embargo - which Allardyce feels would be too harsh of a punishment.
He said: "It's obviously tragic because if it happens [administration], and I hope it doesn't, the club will be plummeted into turmoil again.
"Of course I know Phil Parkinson [Bolton manager] and Steve Parkin [assistant manager] extremely well and I have every admiration for what they have achieved at Bolton in their period of time with the unfortunate financial restrictions on the club.
"The best way forward is hopefully for Mr Anderson to find the right buyer because it is clear he is struggling to finance, to somebody who can finance Bolton Wanderers the way they deserve and move them on.
"If it goes into administration I see only a black hole, unfortunately, with the two-year transfer ban and a 12-point deduction which I have to say personally is a bit ridiculous to plummet a club into such debts.
"Because that won't sort its financial problems, that will only deepen its financial problems but obviously the rules are the rules and hopefully it won't get to that."
Earlier this year, players went on strike and refused to play a friendly over unpaid wages and bonuses.
Anderson's Inner Circle Investments Ltd and ex-Bolton striker Dean Holdsworth's Sports Shield BWFC Limited took over the club in March 2016.
Anderson bought the remaining shares to take a controlling stake a year later and claimed to have settled the previous financial problems.
Allardyce managed Bolton from 1999-2007 and achieved promotion to the Premier League during the 2000-2001 season.
