Bolton Wanderers will start next season in League One with a 12-point deduction after going into administration.
The club, who have been relegated from the Championship, announced the appointment of Paul Appleton and Asher Miller of David Rubin and Partners as the club's joint administrators.
The EFL confirmed Bolton will be docked 12 points from the start of next season, and said it "will now commence discussions with the administrators with the aim of achieving a long-term future for the club".
Bolton filed their notice of intention to appoint administrators last week after a recent winding-up order was adjourned at an Insolvency and Companies Court hearing in London.
"The decision was finally made for the appointments which it is hoped will ensure the continued existence of the club, one of the founding members of the Football League," read a club statement on their official website.
"It has got to the stage where the Trust could not sit back and allow the club to go into liquidation. Decisive action had to be taken and the Trust believes the decision is in the best interests of Bolton Wanderers.
"Everybody at the club as well as the supporters need a sense of clarity and that is what I will be seeking to provide as quickly as possible."
Bolton had hoped to complete a takeover deal with Laurence Bassini, but the former Watford owner failed to provide proof of funding.
Taylor, who was part of Sam Allardyce's backroom staff at the club, has been working with a group connected with a Chinese Super League side for some months now and is hoping to introduce them to the club now it has put into administration.
The club were relegated to Sky Bet League One after finishing 23rd in the Sky Bet Championship with 32 points.