CHRISTMAS isn’t cancelled for staff at Bolton Wanderers but the club still faces a race to prevent its first team players walking out for nothing in the New Year.

After weeks of worry it was confirmed yesterday that around 300 full and part-time staff will receive their December wages on time tomorrow.

In order to facilitate the payment The Bolton News understands Wanderers secured funding against assets, believed to be the hotel and offices at the Macron Stadium.

The club has denied rumours that the cash injection came directly from owner Eddie Davies – who has been looking to sell for the last 12 months.

Farnworth-born business owner Davies, who resides in the Isle of Man, may have to put his hand in his pocket one final time, however, if a sale is not concluded by December 30.

Wanderers failed to pay their playing staff in November and if they fail to do so for a second successive month they would be in breach of contract, meaning players are legally entitled to give a 12-day period of notice.

Millions of pounds could be wiped off the club’s value next month if the likes of Zach Clough, Mark Davies or Ben Amos decide to exercise their right to walk away.

If Wanderers are put into voluntary administration then the players’ union, the PFA, would be able to step in and help with payment.

Once news emerged that staff would be paid on time, rumours spread that a deal for new ownership was about to be struck.

The club has played down that suggestion, insisting last night that no money has exchanged hands and that discussions would continue today.

Sports Shield, the consortium spearheaded by ex-Bolton striker Dean Holdsworth, are one of the interested buyers and they have fuelled extra speculation by filing a new name at Companies House - Sports Shield BWFC.

It is understood that the consortium has been in contact with former Wanderers skipper Kevin Nolan and that he would return to the club should they take control.

The most pressing issue is that of the player wages and who is culpable for the £750,000 a month bill.

Would-be buyers could be put off completely if senior stars walk away, leaving Neil Lennon’s squad – already bottom of the Championship – even shorter on numbers.

Relegation to League One would cost around £5million a year in sponsorship and broadcast revenues and Tuesday night’s battling 2-2 draw at Charlton Athletic raised hopes that Lennon’s side could yet get themselves out of trouble, provided they were not also hit with administration, which carries with it an instant 12-point deduction.