WANDERERS will be kicked out of the EFL if they fail to complete a takeover in 14 days.

The league has issued a statement confirming that a Notice of Withdrawal, which had been put on pause on the opening day of the season, has now been activated.

Talks with the Football Ventures consortium continued tonight, with hopes now high that a takeover can be completed quickly.

Administrators had threatened to commence liquidation proceedings on Wednesday morning but with a deal now felt to be back within reach, that is considered unlikely, for now.

The EFL statement said: “Despite further exchanges with the Administrators over the course of the Bank Holiday weekend, and right up until today’s deadline of 5pm, a resolution to ongoing impasse in negotiations regarding a completion of sale at Bolton Wanderers has not yet been found.

“The EFL Board has therefore taken the decision to lift the suspension on the notice of withdrawal, which was issued as per the EFL’s insolvency policy when the club entered administration in May 2019.

“As per the league’s Articles of Association, this will now give the club 14 days (11.59pm on September 12, 2019) to meet all outstanding requirements of the league’s insolvency policy or its membership in the EFL will be withdrawn.

“In respect of the situation at Bolton Wanderers, the administrators now have this period of time to successfully conclude a change of control with a preferred purchaser, or provide sufficient evidence that they are in a position to fund the club for the remainder of the 2019/20 campaign.”

EFL Executive Chair, Debbie Jevans CBE, said: “Despite repeated assurances, we are extremely disappointed that we are still not in a position to reach a successful resolution with the sale of Bolton Wanderers and have therefore taken the decision to lift the suspension on the notice of withdrawal. I again urge all parties to finalise the proposed takeover.

“The reality of this action is that there are now 14 days to secure the club’s long-term future, and I sincerely hope we can find a way through these challenging circumstances for the benefit of all those who have an association with the club.”

Wanderers' administrators added this evening: "We note the statement from the EFL lifting the notice of withdrawal of suspension and giving 14 days to find a solution and complete a deal for the sale of the club.

"All parties have been in continuous dialogue throughout the day 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."