ADMINISTRATORS at Bolton Wanderers have told potential buyers their ‘best and final’ offers must be in by 4pm Wednesday.

A statement from David Rubin & Partners confirmed that the field has now been whittled down from six parties to five, and remaining candidates have been asked to supply their final offers, which will also include both proof and source of funding.

On Friday a decision will be made on which bid has been successful, leaving the way for final paperwork to be completed and a new owner to be in position by the end of the month, as planned.

Paul Appleton of David Rubin & Partners said: "We have made it clear from the outset of this process that speed is of the essence. A new owner has to be identified and in place to allow the club to rebuild ahead of the new season.

"We will notify the successful bidder as soon after Wednesday's deadline as possible and will be looking for a Heads of Terms agreement to be signed by Friday.

"Bidders have to be aware of the time constraints. Urgent decisions as to the sale will need to be made in the best interest of the club and creditors as we work to finalise a deal over the coming weeks."

Wanderers have plenty of work to do ahead of the new campaign in League One, with just nine players boasting any form of first team experience currently signed on to play next season.

Manager Phil Parkinson is unsure what his future holds under new ownership and whether he and his backroom staff will be tasked with organising pre-season. No friendlies are currently scheduled, although provisional plans have been established, subject to confirmation from the new owner. The Bolton News also understands a proposed two-game trip to Germany has been shelved.

The club are also waiting to hear from the EFL what, if any, points penalty they will incur from the EFL for failing to fulfil their fixture against Brentford in April. Dialogue has been ongoing between the administrators, club and league officials.