Bolton have 14 days to find a buyer or prove they have the funds to complete the season, or they will be expelled from the English Football League.
The EFL suspended the withdrawal notice while Bolton, in administration since May, negotiated a proposed takeover by Football Ventures Limited.
It appeared the sale collapsed on Saturday, with administrators saying the club was close to liquidation.Bolton's administrators, however, retain hope a deal can be found to save their club, with a statement from David Rubin & Partners saying:"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." 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 because of concerns over the welfare of youth-team players.EFL executive chair Debbie Jevans 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.
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