MAKING sense of the convoluted ownership battle for much of the last week has been an exercise in futility but there is one thing on which all involved can agree.

Time is of the essence for Wanderers, just as it was 18 months ago when a different cast played out the drama at the Macron Stadium.

Back then, Dean Holdsworth’s joint venture with Ken Anderson was the only option which sought to avoid administration and a guaranteed 12-point deduction, which would have accelerated the club’s drop towards League One.

The loan taken out with BluMarble to fund early stages of the takeover was only meant to be a short-term measure. Failure to refinance in the first few months led to the implosion of Holdsworth’s company, Sports Shield BWFC, and more than a third of the shares in Wanderers’ parent company Burnden Leisure Ltd being placed into the hands of receivers last week.

Now at least four parties are rushing to pick up the slack. And once again the clock is ticking.

A short window of time was granted by the liquidators for someone to strike a deal without the unpleasantness of reclaiming BluMarble’s £5million-plus debt by other way and means.

By all accounts, that period of grace ends at close of play Tuesday. This weekend has seen a rush of offers, counter-offers and negotiation which has yet to produce a conclusion but at least raises hope one can be found.

If the liquidator has to intervene, raising cash is not as simple as it might be in most cases. There is a question over BluMarble’s security on the stadium and hotel, as per the original paperwork signed last March. This may yet ‘go legal’ and drag the matter out further.

It may be BluMarble are offered equity as an option – although it is difficult to see what good 37.5 per cent of a football club would be to a finance company who simply want their money back, and whose patience thus far has been quite admirable.

Ken Anderson owns the majority share of 57.5 per cent and, thus, there is little gain by coming on to the board as a minority shareholder.

The real power, it appears, lies in control of the BluMarble loan – and that is currently what all involved are scrambling to secure.

While all this goes on behind the scenes, the impact on the pitch is already being felt.

Phil Parkinson’s side has taken just two points from their five games thus far and sit bottom of the Championship. A tough season was expected but by the manager’s own estimation, the team is behind schedule already.

Until ownership issues are settled there is no chance of the EFL removing the transfer embargo and allowing Parkinson to supplement his squad freely. Until then, it appears a case of ‘one-in, one-out’.

Of more pressing concern is the EFL’s stance on what is happening at Wanderers.

The league has already flexed its muscles by fining Watford £4.3million for breaches of its operational regulations and will review Bolton’s case in a board meeting next month.

Anderson warned of “detrimental knock-on effects” when SSBWFC was wound-up but there is some doubt whether a points deduction would be applicable – with legal opinion already sought in some quarters. Even still, the mere hint of a 12 or 13-point penalty has been enough to set tongues wagging.

Parkinson needs stability, not uncertainty, and the last thing we want is a repeat of the last spell in the Championship, when performances on the pitch played second-fiddle to what was going on off it.

Whoever gets their way, the squad needs investment. And with just a few days remaining until the transfer deadline you would have to be a staunch optimist to think this mess will be unravelled in time for Parkinson to sign the players he so desperately needs.

Can a conclusion be found without the need for further litigation - and potential red flags raised in the eyes of the EFL?

As ever, we live in hope.