The Bolton Wanderers have been on the brink of administration for some time now, still owing £172.9 million to creditors.
The winding up petition is to be heard on the 18th January, however the football club believe they may be able to get an extension and have more time to raise money.
Bolton has tried to raise capital by selling certain players, however a couple attempts have already fallen through. Due to the circumstances however, some players will soon have to leave.
As the club runs out of options, all eyes are on manager, Neil Lennon, to try and stop it going into administration. If it does, the club would receive a 12-point penalty.
Update 18/01/2016: The winding up petition hearing has been adjourned until 22nd February, giving some time for the club to raise the extra funding they need to help pay off the debt.
Update: 18/03/2016 - After a total of three adjournments, the club has paid off their tax bill to HMRC. The latest hearing will still go ahead on the 21st March but will be dismissed. Dean Holdsworth's Sports Shield consortium bought the club last week.