BOLTON, England — Bolton Wanderers, one of English soccer’s most historic teams, will go out of business on Wednesday unless a deal to buy the club can be resurrected.
The deal collapsed on Saturday and Bolton had been given until 5 p.m. local time on Tuesday by the English Football League for a takeover to be completed or face having its league membership revoked. Administrators said Monday that if there is no breakthrough, "the process of closing down the company will commence on Wednesday." That would result in Bolton’s expulsion from the league and the loss of more than 150 jobs.
Bolton is one of the founding members of the English Football League in 1888. The northern club is playing in the third division after relegation from the League Championship last season.