Championship strugglers Bolton Wanderers have been given a further five weeks to settle their debts or risk going into administration, reports BBC Sport.

Lawyers for the financially stricken club, who on Wednesday appeared in the High Court for the second time over an unpaid £1.2m tax bill, said terms for the sale of Wanderers have been agreed and due diligence is under way.

The relegation-threatened side have withheld the identity of the prospective buyer, but were given until 8 May to pay the outstanding sum.

Former Watford chairman Laurence Bassini is reported to have been at the hearing, with the club's barrister Hilary Stonefrost telling the court: "The prospective purchaser is here."

She added that Bassini, whose controversial tenure at Vicarage Road lasted only 13 months, "has proof of funds".

Bassini declined to comment before he was driven away from the court in a white Rolls-Royce, reports the Press Association.