Staff at Bolton have been told that plans for the club’s liquidation have been put on hold while administrators attempt to finalise a takeover.
The English Football League has given Wanderers 14 days to find a buyer or prove their financial viability.
A deal struck with Football Ventures (Whites) Limited to buy the League One side, in administration since May, appeared to have collapsed on Saturday.
Bolton’s administrators have warned they are on the brink of liquidation.
In a statement issued on Monday, they said if they were unable to resurrect the move the club was “not in a position to carry on trading” and was set to enter liquidation, leading to the “inevitable loss of over 150 jobs”.
But staff have now been told that any plans that may have been made for the club’s closure are now on hold, providing hope a takeover may be nearing completion.
After the EFL issued Wanderers with the 14-day deadline on Tuesday, Bolton’s administrators said: “All parties have been in continuous dialogue throughout the day (Tuesday) and are working closely together this evening in order to bring a deal to completion.
“We will continue to work through the night if necessary. There will be a further update as soon as possible.”
Wanderers have lost four of their five League One and cup games this season, are without a manager and have only five senior outfield players available.
One fixture, against Doncaster, was postponed by the club because of concerns over the welfare of youth-team players.
Bury were expelled from the EFL on Tuesday after their takeover collapsed.