Bolton Wanderers are in takeover talks with the former Watford owner Laurence Bassini, Telegraph Sport has learnt.

A deal could be concluded later on Friday for the embattled Championship club, who have been given until Wednesday to settle their debts or face liquidation.

A Bassini takeover would be controversial - he has twice been declared bankrupt and was banned from football for three years for financial misconduct.

Bolton declined to comment on the takeover talks.

Staff were informed by email this week that a takeover by a mystery buyer had been agreed in principle and could go through before the weekend.

The club were given a stay of execution at a High Court hearing last week after informing the court they had a buyer lined up who “already owns a major stake in a high-level football club”.

The identity of that party has been kept under wraps but a buyout appears to be close to conclusion.

The Championship club had previously been issued with a winding-up petition by HM Revenue & Customs credit: PA

There has been concern among Bolton’s playing, coaching and administrative staff that March’s wages - due on Friday - would not be paid on time. February’s wages were paid a week late to admin staff and a fortnight late to the playing squad and coaches.

There is hope the prospect of a takeover will avert a repeat of that scenario but there remains a wariness among staff given how a proposed buyout with the Football Ventures (Whites) consortium was at an advanced stage before it collapsed a fortnight ago.

Although the clock is ticking for Bolton, Ken Anderson, the club’s unpopular owner-chairman, said this week that they “do not foresee any need to appoint an administrator before the High Court hearing on April 3”.

Today is the cut-off date by which clubs who enter administration would be deducted 12 points this season.

But Anderson added that Bolton - who are eight points adrift of safety with eight games to go - were “all still confident that we can resolve the current financial issues and also retain our Championship status.”

Nonetheless, Bolton West MP, Chris Green, has written to the Sports Minister Mims Davies to raise concern over the club’s future as well as the suitability of the EFL’s owners and directors’ test.

Bolton striker Josh Magennis admitted this week that the club’s off-field problems were hampering the players. “It’s tough when you don’t get paid on time,” he said. “It’s easy to say just get on with the game, but even though professional footballers have a job to do, it’s hard not to get distracted by what happens off the field. We just don’t know the ins and outs.”