ACT now, before it’s too late – that was the message from three Wanderers legends last night as the club balanced precariously on the edge of administration.

John McGinlay, Kevin Davies and Gudni Bergsson have urged owner Eddie Davies to take swift action to prevent a complete financial meltdown, which would almost certainly spell relegation to League One.

Wanderers’ senior players were not paid last month and it is understood voluntary administration is now being considered as an option as a buyer for the club cannot be found.

At least four interested parties are still in discussion, each claiming they meet all the necessary criteria for ownership. Crucially, the club disagree, and with insolvency specialist Trevor Birch on board already, it is looking worryingly like the club will tip over the edge before a bid is accepted.

McGinlay, the former Scotland international who scored 118 goals in 245 appearances in all competitions between 1992 and 1997, branded the current situation “scandalous” and has urged Davies to step in.

“This needs to be sorted out now before it’s too late,” he said.

“You hear conflicting stories from the club and from the people wanting to buy but surely something can be done?

“If you go into administration then it’s almost definitely relegation, and what is the club worth then?

“When we heard Eddie Davies was going to walk away with his loans it looked like we were in a pretty good situation. Now it’s anything but and he’s still the owner of the club, he’s the man making those decisions.

“Neil Lennon has had the wool pulled over his eyes. One minute he’s being told he can sign players on loan, the next he has no money at all. It’s a mess.”

Ex-England striker Kevin Davies, who represented the club for a decade between 2003 and 2013, making 407 appearances and scoring 85 goals, worries the effect of administration would see Wanderers stripped of their assets.

“People tend to look at the playing squad and the fact they haven’t paid wages – but if the worst happened then what about the academy, or the people who work in the offices and behind the scenes,” he said. “There are a lot of good people who work at the club and I would hate to see them suffer because of financial mis-management.

“The club worked hard to build all these facilities and to see them sold off piece by piece would be heartbreaking.

“If Eddie Davies has the best interest of the club at heart then he should be open and honest with people – let them know what is going on. If it’s administration, then tell us.

“If there are good offers on the table then we need to know why they are not being taken. It can’t be a case of who’s got the most money?”

Bergsson, the Icelandic defender who made 317 appearances for Wanderers between 1995 and 2003, has urged his former club to rally together in a difficult time.

“We need to regain the spirit of this club and now is the time to really pull together,” he said. “But I'm afraid this starts with the necessity to sort out the immediate finances of our club.

“We need get new investors in and there lies the most important task for Eddie Davies in his history as owner and custodian of Bolton Wanderers. How can he (and the board) do his utmost so the deal will go through in time to prevent administration, which would enable new owners to be able to get some players in January?

“At the same time we need to regroup if you like as a club from the supporters to general and coaching staff and finally the players who need to show their bottle and desire to stay in this division.

“If we manage to do this in the next few weeks and months then we can start to think more positively about the future and get back into the Premier League. We put up a good show there last time and we can certainly do it again.”