Peter Reid believes Wanderers’ punishment for administration should not necessarily spell the end of their hopes in League One.

The EFL have confirmed Bolton will begin life in the third tier on minus 12 points next season, with the potential of further penalties for failing to fulfil their fixtures in the Championship.

Despite the significant head start, and only seven first-team players currently signed on for Phil Parkinson’s squad next season, one bookmaker is giving odds of 25/1 that Wanderers will win the division outright.

Reid managed Plymouth Argyle when they were docked 10 points for going into administration in February 2011.  

And while automatic promotion might be out of Bolton’s reach, the former Burnden Park favourite sees no reason why the deficit cannot be quickly wiped out.

“The 12-point start makes it very difficult, maybe we don’t know what goes on top of that, but you get the right players from the start of the season – hungry, full of desire – and it doesn’t need to be the end,” he told The Bolton News.

“Bolton isn’t the first club to go into administration, clubs like Bournemouth were in dire straits at one stage, but you need people with the right mentality to turn it around. And it can be done quickly.

“If you can get someone in with the right ideas, get off to a good start, then it isn’t the end of the world.”

Reid still has an ear to the ground at his former club and knows full well how Wanderers’ fans have become disillusioned.

“The fans have been disenfranchised for too long,” he said.

“It is a big PR job but I think with the administrators coming in and hopefully getting things sorted financially that people can finally see a bit of woods for the trees.

“I get the feeling that people are hungry for a fresh start.

"They want someone to come in, be sensible about things and get it working as a football club again as well as a business.

"If someone can get hold of that club it’s a great place to be because I think fans will embrace it.”