Bolton Wanderers have confirmed takeover talks with an interested party have been mutually terminated on the eve of the club's High Court hearing.
Owner Ken Anderson was previously understood to be in negotiations with the Football Ventures consortium.
In a brief statement, the club also confirmed discussions are ongoing with other interested parties.
A winding-up petition issued by HM Revenue & Customs in February will be heard on Wednesday.
Football Ventures, headed by Parminder Basran and Sharon Brittan, reportedly halted their discussions on Friday.
Last month Bolton said an "agreement in principle" had been reached for Anderson to sell the club to the consortium, but it is now unknown if a deal will happen.
It has been a season of turmoil both on and off the field for Wanderers with players and staff receiving February's wages late.
Their league game against Millwall on 9 March was only cleared to go ahead three days before because of concerns over sufficient stewarding.
Bolton are 23rd in the Championship and eight points adrift of safety with eight games remaining this season.
A winding-up petition is a legal notice put forward to court by a creditor. The creditor can issue the petition if they are owed over £750 and it has not been paid for more than 21 days.