Four-times English FA Cup winners Bolton Wanderers are in an "increasingly perilous" financial position as a buyer is sought, Trevor Birch, an adviser to the board, said on Tuesday.
The Championship strugglers' players were not paid in November and met Birch on Tuesday.
"We spoke to the players today and they remain upbeat and committed to doing all they can to help the club through this difficult time," Birch said on the club's website.
"We're continuing to negotiate with interested parties but unfortunately no one party has demonstrated all the requisite elements needed to conclude a deal yet.
"The club's position is increasingly perilous and new investment is needed quickly."
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Bolton's long stay in the Premier League, which ended in 2012, was bankrolled by Eddie Davies, a former local businessman who now lives on the Isle of Man.
Davies is still the owner but is owed around $A374 million by the club and has withdrawn ongoing financial support.
He is reportedly prepared to write-off the money he is owed providing a new buyer is found.
On Monday, the club's vice-chairman Brett Warburton said in The Guardian: "Unfortunately, since relegation, we haven't been able to turn things around on the pitch and regain promotion despite running a very high player wage bill.
"As the Premier League parachute funding disappears we need to find further funding to replace it.
"Eddie has indicated that he can't provide any further funding and we have therefore been working hard to attract the appropriate investment."
