Bolton Wanderers’ administrators have identified a preferred new owner to take over the League One club.

Final offers were received from five parties before Wednesday’s 16:00 BST deadline.

The successful bid met the criteria outlined by the administrators, including proof of funds for the next two years and EFL approval.

Paul Appleton of administrators David Rubin & Partners hopes a heads of terms agreement will be signed by Friday.

The preferred bidder, who has been notified of their successful offer, has also agreed to inject £1m into the club in order to rebuild the playing squad.

“I am delighted we have been able to reach a more than satisfactory outcome to this stage of the process and I am confident the preferred bidder has the ability to take Bolton Wanderers forward,” said Appleton.

“Until that (heads of terms agreement) has been signed, we are still bound by the confidentiality agreement within the process.

“But I can assure all Bolton Wanderers fans that the preferred bidder has both the financial ability and the determination to turn around the fortunes of this great football club.”

Wanderers went into administration at the end of a tumultuous season which saw problems on and off the field, and culminated in relegation from the Championship.

A winding-up petition against the club over an unpaid tax bill was suspended by the High Court after the club went into administration, and an emergency food bank was set up to help out staff who had not been paid.

Bolton have also released a list of the 14 players that remain contracted to the club next season, including goalkeeper Ben Alnwick and Northern Ireland striker Josh Magennis.